In general, if your shRNA is expressed from the vector, you should see the KD, the only problem could be low transfection efficiency, since lentiviral vectors are usually quite big. We use puromycin selection and analyse our cells after 3-4 days of selection (i. e. 4-5 days after transfection).
Also, you may just sort the GFP+ cells and analyse them 3-4 days after.