Have mercy on the bearings!
Before you perform such an operation, take the rotor out and mount it in such a way that it can take all the forces. Doing such a realignment operation in-situ, with the axle still in the motor, is not the correct procedure.
BTW, the method works. I've done it once too, but mounting it in a lathe. Worked fine, and easy to dial to see the amount of runout.