It should do.....I have used that method myself before.
Some terminals are soldered onto the metallic substrate on the edge of the glass, if yours is like this it would be better to try soldering the new tag to any solder that might be left, then use the paint as well.
The cause will be a small break in the "track" that runs accross the screen. This commony happens when someone scratches the rear scren with somethign so scraping the conductive later off of the glass. silver conductive paint can be used to repair the break in the track and so make it work correctly again.