The switch makes a lot of sense for this team. You already have the personnel.
Sure, it would be nice to have a big NT in the middle, and you can go after a Dan Williams, but worse comes to worse, you have Earl Mitchell, who played NT in Houston's 3-4. You also have guys in Starks and Odrick who both have played in the 3-4 at the DE (5 tech) spot.
At OLB, Dion Jordan immediately becomes a major factor in that unit.. Cam Wake will have to go back to 2009 Cam Wake, a situational pass rusher who I believe led the league in pressure average. I think this benefits Olivier Vernon as well. You can throw him at the other OLB spot, where he can use his strengths as a run stopper in addition to his new found niche as a pass rusher. Still have solid depth with Shelby and McCain as well. With this group of OLB's, you really need an aggressive D coordinator who will find ways for his guys to get to the QB.
The big concern would have to be at ILB. Jelani Jenkins is a 4-3 OLB, in the 3-4, he will have to kick inside and play the WILL as he's gonna have to be able move in coverage from that spot. Koa Misi seems to fit the MIKE role. Bigger guy who can stuff the run and still run with players better than other options that we have. You'll probably have to keep Wheeler around for depth since there is no salary cap relief. I'd have to wonder if this allows Ellerbe to stick as well as he clearly is more comfortable as a 3-4 ILB. Either way, there are options here.
I like the idea, it really makes a lot of sense and I hope the Dolphins consider making this change.