I really hope not. My understanding is that to be "effective" it needs to at least be a form of encryption with a secret key. At least, I'm not aware of any case law that allowed anything less than that.
IMO, "dummy notes" are nothing more than a form of obfuscation. If it's obvious how to filter them out, then I don't think it comes close to meeting the bare minimum of what might count as an "effective technical measure".
Of course, who knows what way the courts will rule if it ever reached that far.