Heck, I would try it, if I had to...
The way it works, in my understanding of electronics, and physics is: electrical resistance of a material lowers, the cooler that material is... That's due to a fact, that atoms move erradicly around, and the lower the temperature is, they are slowing down... When they are still (or close to a halt), that allows for more electrical current to pass trough, and the drop in voltage or power is lower... I'm sure I made an error somewhere in this text, but the principle is that...
That's why this freezer trick won't work on mechanical problems... It may help bypass blown capacitor, or bridge some broken connection, but it can't fix any mechanical problem... In fact, it may even worsen it...
But, since the drive is dead anyways, and I'm sure you don't have big bucks to take that hard drive to a company that rescues your data for a living, you have nothing to lose by trying this... Take some pictures, and make some proof of whether this works, or is just a myth... Maybe we should have Myth Busters try this?