I have done it on the first bike I ever built. I worked well until the next tire change when I went through and trued the rim. Just like what has been said, it will chip on the spokes you adjust. I now have done two bikes where I powder coated the rims and hubs, and relaced them with stainless spokes. It costs a little more, but is not that difficult.
2002 Honda XR650L, 2012 Suzuki Vstrom 650, 1974 Honda CB750K custom build hardtail bobber