I tried, but couldn't get it to work. I kept getting a long, narrow box with a box to the right that said OKAY but there were no words in the box. I didn't want to click OKAY without knowing what I was saying okay to. Finally, I did click the OKAY and got the page to choose the dates (up to 7 days), but couldn't access the dates.
I tried with Safari, Google Chrome and Internet Explore. Nada on all three, so I sent a help ticket to Amazon KDP to ask what was going on. Haven't heard back yet.
I like the idea that you will still receive a 70% royalty, even if you drop a title from $2.99 to $0.99. It is for a limited time, which is also a good idea. And, Amazon will list your title along with the others that have a reduced price, so it could equal a bit more exposure.
ETA: I'm only doing this with my pseudonym because I don't have any e-books under my own name exclusively with Amazon KDP Select. Trying to keep my eggs scattered around rather than in one basket.