What is your next club in the bag after the 3W? One fairway wood these days seems to be the norm. THEN a 2 or 3 hybrid. How well do you hit your 3W off the ground? Is your SS quick enough to get a 3W well up in the air with no problem? The new Titleist 16.5* 3W may be a better option than whatever 3W you are presently playing if your SS is a bit slower. IF you can hit your 3W very well most of the time, I would not replace it with a hybrid. If, on the other hand, your 13.5-15* older 3W gives you fits, consider a 16.5* 3W, or better yet, an 18* 5W. The new 816H in a 19 or 21 degree would be the ideal 3rd club in the bag in my opinion.  It's great off the tee and off the turf, more manageable in tight situations, yet with plenty of distance.

I DON'T have great SS. About 93mph with driver. On pure hits with good swings I get about 10-15 more yards with my old 4W than I do with my 19* hybrid. I just ordered a new 915F 16.5* 3W and am replacing my 913H 19* 3 hybrid with an 816H1 hybrid, loft yet to be determined. (Leaning towards 21 set to 20). So that distance gap may change, who knows?

I see no reason why you should have any issues hitting a long hybrid instead of a 3W off the tee. However, I would not expect to get as much distance on good swings with clean, center contact as you might with a FW with the same quality swing and contact. If you are only concerned about accuracy and don't have the room in your bag for both a FW and a 2 or 3 hybrid, I would go hybrid. It's more versatile.  But, that's just me. Your game my be completely different than mine.

I would think the new 3 wood 16.5 would provide you with the flexibility to gain distance while staying in control of your ball flight, you can never go wrong with a hybrid probably higher loft would be my suggestion,  I have removed the hybrid from my bag and bent my 4 wood to 22 degree's which is giving me and getting me the best of both worlds, longer and straighter and better distance control into greens with the new ap2 716 ball is flying further with better turf interaction.

My clubhead speed was clocked at an amazing 93mph, but at going on 70 years of age, I am pretty happy.  I carry a 913F 14.25*, call it a three fairway, and three hybrids and I hit all of them off the tee with good distance and accuracy.   It all depends on the length of the hole that I am playing and the pin placement on the second shot.  I have a 915h2 18* set at 17.25*, 816H1 19* set at 20*, and a 913h 24* set at 23.5* then my AP2s run 5-PW.  My five iron is set at 26*.  These gaps work well for me and my age.  I probably hit my 915h2 more than my fairway because I like the carry and the accuracy of the new hybrids.  I was fitted for all my clubs and this helped me make my decision, and I still play stiff shafts and my fitter was very instrumental in getting the right shaft for me.  Not all of my shafts are the same in my Driver, fairway, and hybrids.  And it does take a while to get them dialed in to fit you swing.  Good luck.     

The there are many questions you need to ask of yourself first. 

What do you want the club for (tee, fairway or both). What shot shape/flight path are you hoping to attain (high, low, fade, draw) What yardage do you want this club to hit? Which club do you prefer to hit? etc

In short, find a club that suits your needs?

Best place to start is to find a club fitting place whether it be a demo day or from a local pro and explore a multitude of options both club head and shaft. Afterwards use the demo club for a few rounds, take it to the driving range and then make a decision later, not in haste. If you base your decision on one day you may find that it's not exactly what you thought it would be.

For me, hybrids can be a versatile club both off the tee, from the fairway and from the rough as compared to a 3 wood (particularly the rough). They can though lack the distance required if you are not hitting the driver.

So, I have both! Titleist 913h 17' and 915f 13.5'. As a scratch golfer, both clubs cover a range of distances and shot selections to attack a variety of situations. This could be an option for you too.

Good luck.