I say no. In my observation of children and my memory of being a child myself, I've come to realize that children learn more from following the example of others than they do from what you say to them. So if you tell your child, "Don't hit people," but you're hitting your child on the butt, what lesson do you think your child is learning?
I watched my sister raise my nephew using the time-out method: You tell the child what's expected of him, and if he disobeys, he has to sit in the corner and do nothing for a period of time. Two minutes for two-year-olds, three minutes for three-year-olds, etc. My nephew grew up to be a fine young man who is respectful of others. And he doesn't hit people.