That's basically the conclusion of what South Korea ended up with: a 0.6% fatality rate, concentrated mainly in the elderly and those with major health problems.
We're finding now in New York City that a lot of the measures they took turned out not to have been all that effective. 1 in 4 New Yorkers have tested positive for antibodies, even with the lockdowns—and that number spikes to 3 in 7 (over 40%) in The Bronx. So it appears that New York's leveling off may not be so much due to the lockdown as it is to increasing herd immunity.
It may have slowed the spread to upstate, but on the whole, was cutting off that much of the economy worth it? I'm not so convinced.