/u/LOLmodel on Reddit compiled a list of how teams with top 30 offenses and sub-100 defenses have performed in the tournament (using Kenpom's adjO and adjD numbers). This year, Michigan enters the tournament with the 3rd best offense and 104th best defense.
The results were not incredibly encouraging, but I found it a highly interesting examination. Click the image below to open a full-sized (i.e. legible) version in a new window.
Sorry I couldn't fit more words in the title...
The reverse (top 30 adjD and sub-100 adjO is also available here).