That tool has much better uses; I say no this tool would not work well for your purpose, too many other metals involved in the steel that this tool is made of.
Although steel contains iron, these are very different in many aspects.
Steel wool should be fairly easy to find, I do not know if you have hardware stores handy, if so check them, steel wool is often used as a pad for wood sanding or wood finishing.
Laminates from transformers or electric motors is a good source of fairly pure soft iron, these thin laminate iron plates, may work if you cannot find the steel wool, if you use these, after separating the laminates incinerate to burn off shellac and rinse of ash prior to trying them, (I would not burn of the shellac and rinse the iron until I was ready for use, to keep them from forming rust).
