You would still play other teams more than twice a year. This would just guarantee guarantee that you play every team in the league twice. If you only played each team twice you would only have a 58 game season. You still have another 24 games that can be used for all of the in conference games and rivalries.
I could see it working. In Buffalo's case; you split the other 24 games up with your division teams (Toronto, Montreal, Buffalo and Ottawa) - 3 additional home and away games with each.