That is what they used to use before cat litter but.. it won't clump well and it won't mask odors. I have used the non-clumping Fresh Step clay litter, it is VERY good at hiding odors, but a bit harder to clean... but it is only about $6 bag which is about 1/2 the price of their clumping multi-cat stuff.
I would use the sand with a clumping litter. Mix in half/half or half/a quarter to save money. The only problem is sand will not clump so you need to add something that will clump. Also, as someone said above, use a baking soda to mask the odor if it becomes an issue to you. Or if baking soda is too costly, install a doggie door to your garage and place the box in there and keep the garage door closed. Just ideas:)