I don't think I would use Miracle-Mineral-Supplement on the hair. It is an oxident and will probably make the hair fall out more if anything. It also depends on what is causing the baldness. I have a little male pattern baldness and have found a few products that have stopped it from getting worse and seem to be slowly thickening it over time.
You could mix in a little organic grape juice instead of just water. It will make it taste much better and will also buffer the stomach. It will also make it a weaker, but that's better than the taste causing you to stop.