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 I tried this yesterday and am very happy with the results. I read about this in Fine Woodworking and have heard about similar ways of doing this. Sharpening a blade on the bandsaw with a dremel tool and a small chainsaw grinding stone. Lay the dremel on a book or block of wood to steady it. The blade is turned inside out so the teeth face up. Run the grinder over the tip and back. I found myself pivoting the dremel as it road over the tooth. It took about 20 minutes to sharpen 106". And I think it cuts better than new. I used it last night and cut 8 backs and 4 sets of sides. I resharpened it again today because I ripped alot of Spanish cedar up today and it started to dull. Rather than let it burn and draw out the temper I stopped. It does kind of kill the grind stone I sharpened 4 blades and it is kind of shot. Cost $5 for a pack of two. I discussed this with a friend and he said blades are first sharpened and then set not a great set up for ripping. This method grinds them straight across. Like a rip blade.

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Good tip!
There was a similar method mentioned in the 'olden days' of the GAL Data Sheets. I used it a number of times and it helped me out when I didn't have a spare blade, or when I was cutting abrasive/junk wood. The GAL technique involved just touching the outside face of each tooth with the flat side of the grindstone (actually a metal backing plate and a little square of sandpaper-NOT a Dremel cutoff wheel)), without reversing the blade. It only takes a couple of minutes to work your way around a 105" blade.
I think your method probably is better, since it's re-grinding the cutting face of the tooth.

I have to confess that nowadays I have spare blades and don't do this much, but it's a good trick.

Cheers
John