I don't see why the cordless pad wouldn't work the same. Depends on if you can map out the inputs as they are received at the computer and can assign them to do something useful. Of course, the rumble feedback would be likely useless...
If this is something you have already, or can obtain cheaply, I'd say go for messing around with it as an alternative to a wired pendant.
Of course, I'd prefer a wired pendant with the following:
rotary selector switch for X,Y,Z axis
rotary selector switch for jog increment (.001, .01, .1,)
rotary encoder wheel for jogging
Not so necessary for a smaller machine, but for the monster I worked with years ago, that was a fantastic pendant made by KOMO. 5'x12' table with fixed gantry, so this thing made it easy to go touch off tools with one hand while slipping a piece of paper under the tool with the other hand.