How effective it is depends on how cooperative other modders are.
When you register an item with the ore dictionary, lets say... Plastic Ingots, you're telling the Ore Dictionary "Hey, I have some plastic ingots here if anyone wants to use them."
Then, if anyone else designs their mod with an Ore Dictionary recipe using "plastic ingots," the ore dictionary goes "Hey, this mod's got some plastic ingots" and makes the recipe using those ingots.
The reason why tin, copper, and silver are considered "standards" is because the "Big Mods" like IC2, RP2, and Forestry all use Ore Dictionary Recipes to make any registered tin, copper, or silver interchangeable.
So, you can register whatever items you want, but other mods with similar items will have to do their part in order for the things to be interchangeable.