I don't think there's enough framing and speed control. That video reminded me of so many bad commercials, showing someone completely inept at something like holding a flashlight ... suddenly getting the miracle product that fixes everything.
The way I pan with a small tripod is to jam my elbow into my side and pan by shifting my weight and rotating, not by waving my arm around. Actually, I can do a smooth pan with my arm alone, but it's not quite as exact... I can't imagine a rubber band helping. I might try a two hand thing, where I can use the other hand to guide, which is often how I do it anyway (with one hand guiding and one pushing).
I don't think I'd have much chance of executing an accurate and well-timed pan using that method but it might be worth a try. Still, doing a reshoot because your rubber band broke? That could be an ass-kicking by the director.
