That's a very old idea, relatively speaking. And yes it works great. The trick is to find the right wheel to use. Some of the cheaper ones have a rubber coating over a hard plastic core. When you try to cut a groove in them the rubber will seperate and come off like a retread tire.
The best ones and a little more expensive items are one piece polyurethane wheels. I have a couple that have well over a thousand miles on them and show absolutely no signs of wear.
Also look for wheels with good ball bearings. Most have a 3/8" bore but a few are metric and the bearing bore, inside diameter, is 8 or 10mm.
Good luck. Let us see what you come up with.