I have tried this method as well and ''it works'' not to mention it was quick and easy. Forget dying the girt belt ,this is definetly the best route. BTW I used china red stain and the results are good.
No it's not the same. The latex stain is specifically for wood, normally used on decks and the like (people will look at you strange if you tell them what you plan to do with it... beware).