This works if the threaded hole is open at the outer end but not if it's capped. I've managed to spread Nitto stems with a large flathead screwdriver but yes, the Nitto spreader tool is far easier to use. If the absence of the Nitto tool, a thin but stiff and sturdy and properly thick piece of steel works better than the flathead which will have a tapered profile that makes this use awkward.
FWIW, way back in the day when I several times installed drop bars onto my 55 cm XO-1 and my first, similarly-sized (54 cm) 1995 Riv road custom (Grant said "Don't you dare" when I told him I'd tell others how much I liked the compact, XO-1-style frame design, but I think the statute of limitations has expired) using the penny trick. In fact, several times I installed a 26.4 mm Cinelli Giro d'Italia bar into 25.4mm Tioga and Salsa steel stems using this method; steel is very forgiving.