Theoretically it should work, but I've only heard anecdotal reports of its effectiveness. I use it, but like many I also use other things so cannot say how much it helps.
BTW, that page from Lee's site refers to his 5% spironolactone lotion. I use the 2% spironolactone solution because I don't dig lotions. I have results from minoxidil so can't be sure what the spironolactone contributes.