I'm not sure if the method you describe will work. I think to get an answer you may have to experiment yourself. However, I do know that Tom (modelman) made his own tires for his mining truck.
http://www.rctruckandconstruction.co...read.php?t=486
I also remember (if my memory is correct) a guy on a different board made a Tatra 8x8 and created his own tires by CNC machining aluminum molds and using the rubber they use for retreading tires. Of course now I can't find that link but I'll keep looking. I think both methods are quite impressive and yielded nice results. Hope this helps...