it could work, but it depends where your area is.
What are your local demographics?
What else could you do?? Laser tag only lasts 10 minutes or so...you can't book a party for 10 minutes.
Can you offer a private party space?
Throw some arcade games in your area as well?? (You can probably get them for free from a local distributor and just run them on a 40/60 split).
How about a small "shoot the geek with a paintball gun" kinda thing as well??
But really, your most important questions are, do I have the demographics in my area to support this and what can I do to keep them there longer and how can I get them to spend more money??