In theory, it should; however you would need to do the transfer every 12 hours.
TTM works on ich because 3 days is the minimum amount of time trophonts can remain on a fish; 7 days is the max. So at some point during the process you will have literally outrun the parasite's known life cycle. For velvet the "on fish" time range is 12hrs - 4 days. So applying the same logic, you would need to do the transfer every 12 hours. Too much work for me.