Absolutely. However the main difference between the formations, if the team has the players to execute it at the highest level, is the dynamism.
The only thing that makes the formation different is the players that are on the pitch.
The 4-2-3-1 is more linear in the fact that it will most likely include 2 defensive players in midfield, who's main role is to protect the centre halfs and give the attacking 4 freedom to do their thing.
The 4-3-3 will most likely have that anchor man, a box to box with extremely high work rate and the ability to link defensive into attack, and then the attacking creative player. I think the box to box player makes this formation far more dynamic due to the linking quality. The top teams who play 4-3-3 tend to have a #10 who can also perform this role adequately as well so the #8 and #10 can switch roles whenever the play suits - which adds another level of dynamism to the tactic.
The main player who makes the 4-3-3 really successful is the #8 imo. Herrera could be this player, but we'd need to see a lot more his first season's form that this season's. Kante is the man if he is attainable.
If we were to sign James, then his participation in a 4-3-3 would decrease the potential dynamism. (sorry to keep using this word - just can't think of another one for it!)
Like I mentioned before, James would be a good option for us in about 50% of games we play in a season, but don't think he would have the bite or teamwork that we require in that role at this moment in time in the tougher matches.