ACTUALLY, it depends. If the cops watch you drive in, you're still fucked. If not, your wanted level will go away and the game will progress 30 minutes.
That sounds like a good way to do it, I think that laying low in any garage should have a similar effect, as long as you are out of tsight from the 5-0.
It did feel rather ridiculous ditching a 6* wanted level in full view of the persuing FBI trucks & tanks. It always makes me laugh though, when you take in the view as you reverse out of the pay 'n' spray though the crowd of law enforcement vehicles...Bemused soldiers & Federal agents look around trying to get their bearings, as if they were suddenly released from some hypnotist's spell. Even funnier, is how they then attempt to find a sense of place & purpose in the bussling civilian environment, intergrating with about as much success as John Rambo on return from a tour of duty in Nam.