The answer is NO.
For two big reasons:
1. High ISO will not give you control over the DOF when you're still using such slow lenses like f/4 or even f/2.8, but certainly f/4
2. If you're only ever shooting daylight, fine. But why wouldn't you want to have a fast lens like a f/1.4 lens AND high ISO abilities? That would give you more control over depth of field AND give you more options to use either lower ISOs, or push the low light ability even further.
f/4 is still limiting, no matter what. Unless you shoot in brighter situations and you don't care as much about having ultimate control over depth of field.
There are other reasons which were mentioned, like focusing speed. f/2.8 is sorta slow, f/4 is like a death sentence in many situations, even with the 5D3.
Again, depends on what you're shooting, but I'd never touch those slower lenses unless I knew it was for bright situations. I have the 17-40L, and I only ever use it for interior design photos, which is daylight, and often with strobes, so I'm stopped down anyway, and still on low ISOs on a tripod.