Yes. There isn't any converting at all, only a change in the IFOs. It does work. But not with all players. I would much rather buy a TV/DVD player which supports both formats. Have a read of these threads for some more info about using IfoEdit:
http://forum.doom9.org/showthread.php?t=115963
http://forum.doom9.org/showthread.php?t=118063
http://forum.doom9.org/showthread.php?t=109787