Some yarns don't have enough bounce for good socks, IMHO. I've never used Luster Sheen, so I can't comment on it. But you can test it by holding a small length of yarn (just a few inches) and pulling gently. If it has some stretch, it should be ok. If it doesn't stretch much or not at all, your socks will stretch out and get saggy on your feet. And who wants saggy socks?
An all acrylic yarn will also make your feet sweaty as it doesn't breath like a natural fiber. But it doesn't have to be 100% natural, even a small percentage of wool or cotton will make a big difference in how the socks wick moisture away.