Definitely- I love the Crunch, this is just a quick bodge to avoid having to carry two multitools.
I've done a bit more testing, I tried to undo the front wheel spindle nut on a bicycle and couldn't do it no matter how hard I squeezed the handles. I wrapped the latex band round and then the nut just came right off - I didn't even need to squeeze the handles.
A word of warning though, I'm pretty sure that with this method you can apply more force than the Rebar can stand - so use it wisely.
I've gone to a 20mm wide strip of Snipersling 0.5mm and I'm not going any further because I think it will break the Rebar.