There are some who will be able to do a good job on a chain with a device like that, but it is also possible to make a mess of a chain in a hurry as has been mentioned. If you don't mind wrecking a chain, or at least grinding away a lot of the tooth getting the hang of it, it could be a good learning experience.
I sometimes find it necessary to touch up a tooth or two with the stone from that type of grinder when filing as I've found some cutters that seem to get a case hardening effect from use.
Mark