No way IMHO, for h.264 you have to cut at keyframes (Intra frames = I frames).
In video compression, a keyframe, also known as an Intra Frame, is a
frame in which a complete image is stored in the data stream. In video
compression, only changes that occur from one frame to the next are
stored in the data stream, in order to greatly reduce the amount of
information that must be stored. This technique capitalizes on the
fact that most video sources (such as a typical movie) have only small
changes in the image from one frame to the next. Whenever a drastic
change to the image occurs, such as when switching from one camera
shot to another, or at a scene change, a keyframe must be created.