I'm guessing that it could work well...but NOT for the average person.
The average person with the average dog would not take the time to properly relax the dog. Nor are they likely to want to learn how to relax their dog.
IMO this technique would only work well with a very relaxed dog, otherwise the noise of the dremel would freak the dog out. Also a fair amount of manual dexterity would be needed for this technique. I know too many clumsy people.