Yeah it definitely works. The main reason why people use the c-stick to throw the bomb is that it allows them to start moving their joystick up earlier. Take for example the second vid that I posted where Sasook tells you to turn tap-jump off; it's a valuable insight not only into getting it to work but into just how early he was starting to move the joystick upwards in order to bombslide, i.e. early enough so that a jump would come out before the c-stick down input; that's why he kept getting those JC down throws. The point is, if you want to go with the grab button initial throw option, you'll have to get extremely quick with your joystick up/diagonal up input.
