Yes, I have done it and yes, it works.
If you are trying to "open" up the square to 90, make a prick punch dot (or more) near the inside corner. Some people say to punch both sides, but not right on top of each other.
If you need to "close" the angle down, punch near the outside corner (or heel) in one or two places.
The idea is to stretch the steel one way or the other. Check it after each punch for square. If need be make more punches or hit them harder until it checks out square.
When you do the punching, use a solid steel base (anvil or heavy vise) for back up, and smack 'er good!!
It has been a long time since I've seen a true square with out a few prick punch dots on it.
Rog