It would be an improvement.

There are differences between the NBA and the NHL that make it work for hockey - junior hockey and more draft rounds.

Most players spend a year or two in junior hockey between high school and college, so NHL teams have a better idea of who they are drafting in or before they play in college.

Hockey also has more draft rounds, seven in the NHL vs two in the NBA. Most of the college players who have been drafted are not high picks. The phenomenon of drafted players staying in school a few years makes sense in that context. Those cases really aren't much different from basketball players who might be pros at the end of their college careers having no shot at the NBA coming out of high school.

I prefer a variation on the baseball rule. Baseball players can be drafted out of high school. They can choose to sign pro contracts: but those who choose college can't be drafted again for three years. I'd love to see three years, but two years might make sense for college basketball.