Effective or not, it depends where you advertise.

If you advertise your ICO in a fashion blog/site then most probably you will not get any result.

This also goes for faucet, as loughlin said faucet traffic is shitty and another reason could be faucet users are newbies and they most probably will not invest in ICOs. Experienced crypto users don't visits faucets normally afaik.

You may get effective results if you advertise in crypto news sites, famous crypto blogs, top level crypto related sites - such as coinmarketcap.