False. A theoretical m3u will only give you the stations. You would need to manually map the stations to get the guide data. There is no "guide data file".
You should only do something like this if you live in a market with LocalBTV and pay for the service. Also, even though LocalBTV may have a station, it does not mean the theoretical m3u will have it, too. And there is no guarantee at all that such a thing would continue to work in the future.

