That would be one of the steps in the process I roughly described.
The important thing is it must be done correctly. Both the US and Brazil must be removed from diplomatic immunity BEFORE enforcement action.
To do that Honduras must repudiate the necessary treaties (a legal act), close their Embassies and withdraw their personnel.
Then they withdraw diplomatic immunity from the US and Brazil, cut a check for the Embassy properties, and demand the US and Brazilians leave. If they refuse, they are now criminals engaging in espionage and insurrection, and subject to the laws of Honduras.
The likely result will be Zelaya abandoned in an empty Brazilian embassy, and he wouldn't bother to try to get to the US Embassy (the backup plan) because it's empty, too.