No.
It will mess up the loco's wheel geometry. Not only it would be difficult to apply evenly on the tread (causing the wheel to be out-of-round), but it will also increase the driver's diameter slightly, resulting in the other drivers not to have a solid electrical contact with the rails. Of course the snot-driver will also no longer pickup power. I wouldn't do it. Instead, I would try to add some weight to the locomotive.
But it's relatively inexpensive (as far as prices of model trains go). You can try it and report your findings.
