Of course, this is the question. You are going to have to try it, and the experiments probably are not going to be cheap. If you are willing to work with thicker sections, it will certainly work. The problem is high performance tubing will almost surely not work. This is one of those questions where if you have to ask it, the answer is no.
If it worked well enough to ship bikes, the bike manufacturers would be using it. It's cheaper than anything else.

OTOH, a MIG would be handy for things that aren't bicycles.