Well, sort of, I've done a bit of arts and crafts in my time. :lol:
If you take a 2" section from the circumference of a 12" radius circle it's not far off a straight line. If you take a 2" section from the circumference of a 9.5" radius circle it's still not far off a straight line. Add in a bit of "scissor wobble"...... and there's just no way you can make a useful measuring tool that way.
On the other hand, you could just get a set of radius gauges from StewMac. They're even quite cheap.