I should see no reason why not if the surface is properly prepared with a matte/dull sealer (like mr super clear flat, as mentioned in that tutorial.) I really like the MSC I got, but there are cheaper alternatives like testors dullcote and citadel (a warhammer minis product)
I admit I had never heard of using pencils, chalk and such on custom toys before getting into monster high. Now I wish I would've tried sooner.