It can work, if someone is prepared to do it, if someone is prepared to pay for it, if someone is prepared to employ a temporary keeper to manage the traps and if there is no flooding. All those factors have to be combined, so in an ideal world it could be effective. In the real world, however, it cannot be effective.
Eliminating mink hounds will cause a problem in the countryside that no one is prepared to deal with rationally. One can deal with isolated instances of mink, but there must be people who are prepared to pay for traps.