Yes. That is the stuff everyone used for their ANH and ESB E-11s before it was discovered that the tracks were plastic.
It would look more accurate if you just stuck the ends into the barrel holes: That might be the best for a display piece.
Lots of people tape them on flush against the barrel shroud and round off the ends somewhat over the holes: That might be the sturdiest for trooping.
The curve on the back side should fit perfectly against a 1 1/2" pipe: the same diameter of both Luke's lightsaber and of the E-11.
On the snub-nosed stunt version seen in ESB, there is also a shorter piece of T-track covering the holes behind the bayonet mount.
The ROTJ blasters have metal U-track instead of T-track.