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I think it'll work fine but I would take similar precautions (e.g. Wrap the clamp in a cloth or spare tube) to prevent any scratches.
If you're looking to avoid any contact with your frame, Park Tools makes a stand that is secured by the front fork and rear wheel, like a Yakima or Thule car mount. This work stand is awesome because it swivels very well and is very secure but it is pricey.
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