Well, it sort of works, but it's one of Johnny's more basic musical tracks, so it's not really an improvment over the original.
What I'd quite like to hear is someone take one of the live Smiths covers that Johnny has released, strip out the vocals, and replace them with a modern live Morrissey vocal. Both artists have released decently recorded live albums. Then at least we'd get to hear what a (never gonna happen) reunion might have sounded like. It would probably take a lot of work matching tempos etc, but I can see how it would be possible with modern technology.