I don't have very dark ended eye circles, but I read a lot of Reddit >__>. Something like a super matte bullet lipstick would probably have better results than a creamy bullet lipstick, but a matte liquid lipstick that dries down is going to not slip but be very hard to remove from your undereye area. Also more likely to cause eye irritation.
Basically, it can work but it's going to be a pain in the ass to use when compared to something designed for the undereye area.