Hi Jaffer,
It should work. I tested it on 2800 and can see that "sh policy-map test" shows that the default traffic at 25 and 50.
policy-map test
class test
priority 6144 3072
class class-default
bandwidth percent 25
police cir percent 50
T-1#sh policy-map test
Policy Map test
Class test
Strict Priority
Bandwidth 6144 (kbps) Burst 3072 (Bytes)
Class class-default
Bandwidth 25 (%) Max Threshold 64 (packets)
police cir percent 50
conform-action transmit
exceed-action drop
T-1#
HTH
Reza