I've tried this with idlers which I thought were too far gone, without any real success. The shape just never comes back to the point where it won't create wow and flutter issues due to a flat spot or notch. Basically, whoever left the deck with the pinch roller engaged before storage is to blame. Thankfully there's ways to get the idler rebuilt, without a lot of cost.
Where rubber renue has huge value, is just taking the surface glaze off of idlers which are not too far gone. I recently used it to mildly renew the idler in a Garrard 301, and it came back amazingly well. I basically just hold a soaked Q tip against the surface of the rotating idler, until the idler stops shedding black residue unto the Q-tip. Then I use a clean q tip to remove any remaining chemical which hasn't evaporated.
In the case of idlers in good condition, but with a surface glaze, I've had good luck with rubber renue helping them to last for years. Where it works poorly, is deformed idlers, or crappy designs like where a VCR tries to put way too much torque through an undersized idler, and relies on a small surface area to transmit a lot of force. In those cases it will be at best a temporary fix.