NO. This is NOT "Lydiard training in a nutshell". Either you are being sarcastic or do not know Lydiard training.
First off, speed training as per Lydiard needs to be defined, to be able to talk about it intelligently.
Anaerobic training needs to be understood to get it, as well.
Speed in Lydiard's language was primarily a nuero-muscular thing, not so much a cardio-vascular thing.
You can develop a good aerobic capacity, top-up your limited anaerobic capacity, but then you need to develop fine muscular speed and the nervous system; fine motor development to run well with this higher-level of fitness.
Are the lower leg, ankles and feet well-developed to handle the power and torque and turnover required for fast stuff like 400s for example? A hill phase needs to be implemented, for this!
Is the anaerobic system at its best? If so, then a fully developed aerobic system, coupled with the above and the coordination to run well, will allow you to run your best on the day - all sequenced and timed correctly.
Just sprints + aerobic development is part - vital - but only part of the equation.
When Lydiard was asked what is the most important part of his training, he said, "everything".
Saying that, you can run a varied and large-volume base phase and come out of it ready to race well and perhaps better than before, depending on your history et al, but to run at your absolute best, you need to do all, in sequence.
Within each of the phases...
Base
hills
anaerobic
coordination
(as well as sprints/strides)
...you need to do some training by feel, without the watch, hrm or specific paces. Most people today, just wont get this final point no matter how many time you say it.
Also, many people will never run enough volume in the aerobic section (while avoiding racing and other aneorobic work), scared they might melt.
And then there are many things that are generally misunderstood. Like for example, what is "easy" and what is, "not fooling around" in Lydiard language? What is an out-and-back run? When to do anaerobic intervals without a plan for number of reps or effort. What is a peaking workout? .......
To properly understand Lydiard training, you can't just read a document online or have a conversation over a jog at the lakes with someone and then somehow know it intimately.
;o)