Corey, I've done a few high heat butt cooks, only when I don't have the time for low and slow. It's still great, but as Paul stated there isn't sufficient time in my opinion for the fat to render out of the butt. This ends up with a bit fattier end product, and portions of the butt that likely aren't as tender as others. However, unless you are a BBQ fanatic like most of us on here, it will still be better than anything you've bought over the counter before, and you're friends probably wouldn't notice the difference.
My advice if you are going to do this, would be to add alot of extra smoke on the front end before you foil. Just as you do with high heat brisket cooks. Give it a try and see what you think! You may be pleasantly surprised.