I have found this does work, with some limitations - namely the interval only takes effect after the next tick. For example, if you have your tick interval set to 5 seconds, and 1 second into the tick you set the interval to 0 (to tick every frame), you still will wait 4 seconds for the next tick, and then after that the ticks will occur every frame.
This isn’t so much a problem when you are setting the tick interval higher, but obviously this causes problems when you are trying to shorten the interval.
To fix this issue, you can disable ticking, set the shorter interval, then re-enable ticks (I’m in C++ here.) For an occasional tick change this isn’t a problem. However, if you are trying to vary the tick interval continuously you can run into some issues with this approach.
-jeff