I saw this and gave it a shot on my '08 Legacy GT 5MT at 104k miles, and it didn't go that well. I don't recommend trying it after my experience, but if you are going to it's DEFINITELY important to not put the vise grips on too tightly.
I clamped vise grips onto the driver's side cam sprockets and they stayed there. However, I must have put them on just barely too tight, because about three minutes later, I hear a loud BANG followed by a splash. I found the vise grips in the drain pan full of coolant that was under the car plus a few pieces of the lower (exhaust) cam sprocket which had broken off:
http://i1297.photobucket.com/albums/ag28/tomsanity/Subaru%20Legacy%20GT%20timing%20belt%20replacement%20project/2012-12-26234258_zps62d8d649.jpg
I was then faced with the challenge of removing that cam sprocket. I tried a lot of things, most of which failed. This craftsman 10mm hex key is one of two that broke like this just on a breaker bar:
http://i1297.photobucket.com/albums/ag28/tomsanity/Subaru%20Legacy%20GT%20timing%20belt%20replacement%20project/2012-12-28103318_zps23839feb.jpg
Eventually, I ordered an impact driver-rated 10mm hex socket and worked a deal out with my local Subaru dealer where they let me borrow their cam sprocket wrench for the weekend! Thank god for those guys. So this setup finally worked to get the cam sprocket off:
http://i1297.photobucket.com/albums/ag28/tomsanity/Subaru%20Legacy%20GT%20timing%20belt%20replacement%20project/DSCN0671_zps624813f8.jpg
http://i1297.photobucket.com/albums/ag28/tomsanity/Subaru%20Legacy%20GT%20timing%20belt%20replacement%20project/2012-12-29170633_zpsf64cfc6e.jpg
The cam sprocket was a $90 mistake, but I hope you guys don't make this same mistake. All said and done, I did eventually manage to successfully replace my own timing belt as basically my first work on my own cars. Feel on top of the world, man.