That would work, but I would imagine that it would take quite a bit of time and you would go through a lot of wheels. I am sure a lot of people will chime in about the bristles getting into the gears and windings of the drivetrain.
I have used an abrasive disc on my drill and it makes short work of surface rust on track. It's basically a round Scotchbrite pad that chucks into your drill.
Another thing you can try is taking a small 1/4 sheet sander and loading a Scotchbrite pad onto it. This works well for hitting the tops of the rails, not so well for the sides.
Hope this helps,
J White