Definitely seems like it would work good. That's a cool tip.
I use Power Putty and this stuff works great also.
http://www.amazon.com/exec/obidos/se...=amd-google-20
Another trick that I heard about on Marc Seal's forum is to hold a 9V battery in your picking hand while playing. After playing like that for a while the difference is huge when you put the battery down, you hand feels so much lighter and quicker.
-tkr