I've seen dawn redwoods sprout leaf buds all the way to the ground, so I don't see a ''need'' to do seedling cuttings.
Pine seedlings tend to have a ''neck'', a segment between the roots and the first needles that can be moderately long and never develops adventitious buds. This is why the procedure is done, especially pines intended for shohin. For majority of other genera of trees, it is not necessary.
I see no reason why it would not work. Go ahead and try, do 2 batches, cuttings and a control. Compare the seedlings a year or two out. See which has better low branchings.
Dawn Redwood tends to be a very aggressive growing tree. Really difficult to keep in check for smaller bonsai. Perhaps this will help keep them in check for smaller bonsai.