The shoe would have to fit perfectly, as Spirit Gum is more designed for things that are supposed to be a second skin. Even then, I wouldn't recommend it for long durations. Anything more than a first impression, followed by a quick round a mingling, and I'd say no. I would also say no for any real people, like over size 4.
I don't think it would damage the shoe, unless the dye used isn't great and the alcohol to remove the Spirit Gum makes the dye bleed. Almost no chance of it damaging your foot. Pantyhose may present a problem.
Of course, all I have is hypothetical knowledge. I would try it out at home first.
Unless you are on a stage, or your feet are going to be on display where you can't help it, I would focus attention on another body part. Cuz if your feet are your best feature, then God help you.