Uh, No....
The best use for it is to HOLD IT for the +10 mining, while smelting ore or recycling stuff, when below 100 real skill.
After all, you can get 1 level higher than you can mine, with a gargoyles pickaxe, and can dig up Valorite eles from Val-capable spots, even if you are so low in skill as to only get iron from it.
If you wield the pickaxe, THEN put on your gloves, the two bonuses will stack, which will allow a person with 90 real skill to function at 105 for smelting ore and recycling smith items.
Using it for mining is really only good for finishing off a vein when your real tools run out, or using it to dig once, before using a prospectors tool, then switching to a GPA or normal shovel after the PT use. That way, you don't waste a GPA use if you are content to elevate only once (and don't risk popping an ele from an unknown spot on the first dig).