yes it will work. how it works is to record the GPS data log, the data from the sky contains time information as well. As long as you manage to map the time taken to the GPS log, you are able to tell where you are at that time. It can be done manually by hand as well but will be very tedious.
In addition, please remember to synchronise your cam time with atomic clock to acheive more accurate results! You can goto google to find more info or just sync your PC with some time servers then connect your cam to the PC and transfer the time to your cam. I am using the sony gps now. Pretty decent!