Ive seen long term friendships work but one we had went sour due to jealousy. She just couldn't handle it. So if all are on the same page yes it could work but could throw up problems. All involved need to be on the same page
Good luck
we have a couple of friends which are long term friendships. Having said that one coup,e we never got to swing with because we just could never arrange it with kids and work. The other couple we swing with when and if we see each other which now we have moved away is not very often. It takes a certain couple to be able to remain friends and jealousy gets in the way quite often.