It cant hurt, if its a title not recognised by the game it will be skipped when reading the oblivion.ini ....
This is the place where Wrye Bash sets it - http://www.bild.me/bild.php?file=1481527ScreenShot381.jpg
However I just did a search for border -

and found another one O_o http://www.bild.me/bild.php?file=2196489ScreenShot382.jpg
So now I wonder which one actually sets it. Going to ask the Wrye Bash team if this is something they need to look at with the included ini tweaks.
Anyway, if you have both of the above it is working for me (I use Arthmoors Feldscar, and The Chapel shop, both of which need borders disabled)