We had that in the 4th grade (Las Vegas, NV around 1977). I don't know what effect it had on bullies (I don't remember having any problems with them), but it sure made me want to finish my math classwork.

Actually we had a choice, paddle (two varieties; with and without holes) or boot. I never actually had to undergo either process.

I think that was one of the reasons we moved back to Cali within 9 months (the other being the wonderful desert wasteland).