If you're able to spin the chainwhip fast enough to generate the necessary friction to cause the components to expand and lock the little pawls inside the freewheel to jam, it might possibly lead to success. I simply can't sustain the 20,000 rpm for the 15-20 minutes necessary, and consequently, I lean towards using the proper tool for the job.

Besides, you can get 2-3 freewheel removers for the price of a chain whip.