I'll be brutally honest. My first band was bass, drums, keys and the singer played rhythm guitar.
Listening back we were surprisingly tight but I don't think anything held us back more than the lack of another guitarist to do some lead and add some texture. I think it would also have helped us move on from covers back at a time when being an originals band wasn't a stupid idea.
The band that's coming together now is lead, bass and drums, and we are looking at adding rhythm guitar.
I guess you can 'thicken' your sound with pedals but the job of bass and guitar is different and to be really effective they need to paly different things. Let's face it Royal Blood's sound gets pretty boring quite quickly. Ditto White Stripes.
On teh plus side, with a guitarist you might see teh cut of teh fees drop a bit, but you will probably get more and better gigs in the long run.