I have my doubts. Aren't the bearings sealed, so the only way this could get grease into them is if the seals are shot, they lost grease and have worn to create noise and play, and so they are already so worn out that the bearings are sliding rather than rolling?
Won't it take so much grease to get an effective amount in the bearings, that it risks some coming out onto the brake components, if the seals are shot enough to let grease in? Won't loading it up with too much grease, create more heat and thin the grease so it is easier for it to leak out?
It seems more like a short term solution that could lead to a more catastrophic failure?