I think it should (perhaps needing slight modifications). Based on a quick googling of CS5's capabilities, it does handle native vector graphics, so if it has some sort of clipping/masking capibilities those are the most important things for this method.
I have no idea how long this guide has been on EqD, but I should have looked for it far sooner. I use Gimp, but this was still incredibly helpful! Thanks for taking the time to put it together (even if it was forever ago XD).
Still A great Tutorial though, really helped me out! ^.^