I'm not OP but I've done the above and it works. However, you must understand that doesn't exempt you from the tax, it only exempts you from withholding. In order to avoid owing anything you have to redeem your paychecks in "lawful money" or "coin money" using a restrictive endorsement. You can then deduct everything you claimed as "lawful money" on line 21 (other income) of your tax return to bring your taxable income to zero.

Let me know if you have any questions. There's also lots of information available by searching some of the terms above.