Bob
Yes they would, but finding one that is certain to work is the problem.
The ESC, giving out a mark-space pulse train as it does, has the advantage in that it will regulate a little or a lot, it doesn't care. A resistor controller for motors has to be closely matched to its load to offer control. Too much resistance, there is no response until the throttle is wide open, then just full speed, if the resistance is too low, then full speed happens as soon as the throttle is off normal. The same with lights, but read brightness for speed. The controller resistance for motors is likely to be way too low to be of use with LEDs.
The LEDs will shine with full brightness while they are switched on, but as the "off" period is longer, so they will appear dimmer. If you mulitiplex an LED display, you have to offer a scary amount of current to get the elements bright enough.
If it was a kit ESC with a relay for reverse, it would just need the relay coil connection to be missed to prevent reverse happening, which would likely be tragic for the LEDs.