Heck yes. The 70-200 is nice for tubes because it already focuses fairly close, so you don't need a lot of tube-length to get magnification. The f/4 is good since tubes cause light loss, but with a start of f/4 you'll still have enough light to allow a Rebel or 20D to AF well.
However, you probably won't get 1:1 with any kind of working distance, so don't expect 1:1 unless you're working on inanimate objects. Even then you'll be so close that lighting the subject will be tough.
All in all the 70-200 f/4 and a set of tubes is a very good way to get near-macro shots.