Yep! Not a problem!! It will fix goodies like that, guaranteed!! Been there and done that routine.
If you use it on something of that nature Marc, you may have to wire brush the rim when you replace the tire next time, (worst case scenario), as there "may" be a good chunk of rubber stuck there after the fact (it doesn't always stick to the tire). It usually comes off the rim pretty easy with a wire brush in the drill motor, unless of course it's truck tire, then you might want the wire brush in the grinder for a little more snort! And, in rare cases of someone having applied multiple coats to large holes in the bead... the ole putty knife comes in handy!
It's some fun stuff! Especially if you paint your buddies armpits with it while he's passed out! :wink: