It should work, with varying degrees of success. I knew one guy who who was always spinning the cog off his suicide hub when he would skid, and another guy who had to put the cog in a vise and have 3 people reef on it to get the cog off.

Liberally grease the cog and hub threads, then rotafix it on. make sure to put a rag between the bottom bracket shell and the chain if you like your paint, and make sure the chain doesn't slip off onto the cranks when your tightening the cog. If you're going to use locktite, use the weakest kind (blue, i think) or you will have a hell of a time getting the cog off when it wears out.

that should pretty much cover it.