I would not be comfortable with that approach because if most of the cutting was done with only a few teeth they would get dull really fast.
I setup my tablesaw today to test out the blade and my set was still too wide by a lot. I laid the saw blade on a small anvil and used a brass hammer to try to flatten the teeth and it was still too wide. So I used a diamond hone on the side of the teeth and got it back down to where I wanted it. My take away is it is really easy to overset the blade.
Here is a little tool that I make for each size fret wire that I use to test the width and depth of the slot. The bottom leg of the tool gets the barbs ground off.