I wasn't able to try this out until now.

I've tried it and it works!!

I've encountered 80 Flan Princesses with this method and I haven't gotten one yet.

I'd also like to point out that you don't have to turn off the power. You can also soft reset (Select+Start+B+A) or access the Quick Save as soon as you get to the title screen. You'll still encounter Flan Princesses on the 5th Battle.