Yes and No-
The first incarnation did not gel--
Denny Seiwell is a fine session drummer, but lacks a certain power (i.e. he's no Abe). Joe English is by far Wings' best drummer.
Henry McCoulough was a great guitarist but completely wrong for Wings- he was a blues man, liked to play improvisational riffs, etc. while Paul needs to have things played the same way each time. This comes in handy with things like "My Love" where Henry improvised the famous solo on the spot. But Paul rarely wrote in the genre in which Henry was most comfortable.
The Over America configuration did work- a power drummer (English), creative electric lead guitarist (Jimmy) and Denny really work well together- the three also are all decent harmonizers and backup singers- giving Wings a truly unique/distinctive sound.
I would not stack up Wings against the best groups of the 70s - because they were NOT supposed to be - they were Paul's session band, who could turn it up live when needed.
Verses today's band, whose primary purpose is playing live- not being Paul's studio back-up.
Everyone's talkin' 'bout the President
We all chip in for a bag of cement