Yes, it should, SkyTeam777. This may be one of the last reliable methods for innovative point procurement there is, and I don't talk about it very often on purpose.

The cruise line may charge a fee, or they may not. I'd assume the worst. The highest I've seen is 3%. Depending on your needs, it can still be worth it. I do believe it might be possible to push too far with this, and I typically blow a few bucks on slots or something just for posterity's sake, but I've never had any trouble.