Just tried this procedure on my '11 Silverado and it worked great. I've read about it - but never tried it.
Always bringing my truck to the dealer once a year for oil change and tire rotation so they can take care of resetting the monitors.
Ironically, I just had it into the dealer on Friday and they must have screwed it up because the service tire monitor system warning light came on today.
I think I'll go back to changing my own oil and rotating tires. I don't have time to be running back to the dealer, especially when they are only open during regular office hours.