Obviously we need more full-timers, so in that sense this is a good step. And if some of our best adjuncts are hired for these positions, it will be doubly good.
But somewhere thinking this through it all gets complicated.
Departments need tenure-track faculty members hired through national searches, and this doesn't help that.
Adjuncts who have taught here well over time deserve some kind of job security, along with better pay, and this doesn't address that for most of them.