Nope, still won't work, read here ->
http://en.wikipedia.org/wiki/Conservation_of_energyApparently you've been misunderstanding the switching in the psu, I know what are you thinking with the correlation on power supply linear vs switching.
Linear psu generates more heat, switching type is more efficient generates much less heat, hence, if you somehow turn the mechanism inside the electronic load into switching method, then less heat. Again, this is just not right.
That "box" of electronic load, when we pumped the energy into it and if the energy is not going somewhere, that box will
suck transform the energy into other energy form which in this case if you're using the fet or the resistor, this device only capable of transforming the electricity energy into heat.
No matter what magic you've put inside that "box", as long its receiving the power and only capable of dissipating the energy into heat, so it will heat up. You just can't reduce the heat or worst make it gone. Unless you managed to make that box able to transform the energy to other form rather than heat, like a light,

then that box probably will have some light bulbs.
Again, as long the energy dissipating device is only fet or resistor, they only can transform into heat only, so if it consumed 100 watt of electricity energy, then it will release it as 100 watt of heat.