Is Milk of Magnesia the solution to oily skin?

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Hi, I have extremely oily skin which is prone to pimples and acne. I have tried almost all oil-coontrolling products that I can afford, but they only work for a short period and then my oil glands start to become hyperactive again. It's very frustrating. But just recently, I've come across some blogs that recommend Milk of Magnesia (yes the over-the-counter remedy for hyperacidity and constipation) to mattify oily skin. I've also read that models actually use this as primer for their makeup to stay in place. In fact, Tyra Banks is supposedly promoting the use of this drugstore wonder. Anybody used this for their oily skin? Is it effective? Are there adverse effects? Please share. Thanks.