No. Baptizing dead Christians from lists of names isn't just praying for dead persons. Administering Last Rights to the body of someone mortally wounded (even apparently deceased) is not the same thing as praying for the dead. But you probably knew that.
If the person being given the last rights hasn't been verified as Catholic and/or hasn't asked for 'last rights', I see no difference between doing that a having the Mormons do a 'baptism for the dead' for someone who isn't Mormon and hasn't asked for it.
Like I said, neither offends me. . .but I don't see any difference between the two scenarios from an 'ethical' perspective either.