GMMAT,
Well, if you read more, that "would" should have been changed to "might" as I showed a pretty big dose of scepticism. I can think of a lot of scenarios where it wouldn't work, and will only pinpoint your location. But if they are fairly far away, a little suspicious, but cannot see you, it *might* work. Also, as Horizontal said, if they are heading away from you, it could settle the deer down. Again, I think it is more of a ground strategy then a stand strategy.
If a mature buck is nervous and circling me in the stand at 100 yards, do I blow a squirrel whistle. Hell no. He will either immediately bound off or stare me down and find me.
I hope that no one ever has the misfortune of hearing me hooting like an owl in my treestand.
If someone has had this type of sound mimicry strategy work (other than a deer call, which is a little less "out there") I would love to hear about it.