Can't really see any reason why it wouldn't work.
I've used this to 'sharpen' my jointer blades. I will say it made a huge difference and worked just fine.
Now if I had some really deep nicks in the blades, I might think twice.
I got the 12" long model so I could try and get a little more use out of the 'disposable' planer blades. YMMV on sharpening those.
I can't remember if I've actually used it on the planer blades yet, but I do know my jointer went from making scalloped edges to making a much more smooth cut.
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