As seen in the sealing of Orochimaru, the rate at which Totsuka seals its target is not incredibly high. This is so that while sealing something the size of Orochimaru's hydra it actually took enough time for Orochimaru to detach a small snake and sneak away. Considering the size of the hydra and the situation we can frankly assume that the only reason why it was a small snake was so that Oro could discreetly flee the scene.
With that established and considering the particularities of the Juubi, being those it's incomparable size, it's insane chakra amount and the fact it can detach parts of himself from the main body, I must conclude two things:
#1st: would Totsuka be able to pierce the Juubi and seal it? Yes, it would pierce it and start sealing it.
#2nd: could the Juubi effectively be defeated be being sealed by the Totsuka blade? No, it would have more than enough time to detach the area where it has been pierced and evade the blade.
On the other hand utilizing Totsuka blade would imply that the user would have to be in range of the Juubi which by itself would be rather dangerous if the sealing fails.