Yes, it works. I did it once in Lastman standing. At then i had 10 warps. So i put about 5 ships to colapse warps and bunch more to open them, just to be sure.
Well i did work, but i should have done that turn bit more carefully, since after that i got blockaded in due only two exits from my systems.
Fortunally i was able to break through later, now rest of 3/4 of galaxy defensive fleets really have to earn they pay.
Hmm that game has been going on for allmost three years and i suppose it will take few more to finish.