It's hard to predict, of course, but if you compare it to the 'legalization' of weed in Holland and the resulting 'healthy' weed culture, it might actually work.
Maybe in the very long run but I doubt it. And in the long run we're all dead. Personally I doubt drinking culture is really that malleable. In Europe the further north you go the more people drink, on average. Whether it's cultural or genetic drinking culture seems quite stable.
As to the Dutch I am not terribly surprised. If they legalise cocaine it will also generally be used more sensibly than in most countries.