Just picturing it in my head I don't think the bolt cutters would work well. When I looked it up earlier I saw the hoof nippers and thought the design looked pretty good but wasn't sure if they were strong enough since they're made for hooves.
Why hoof nippers and not bolt cutters? You need something that will cut flush to the siding. You've got about 1/16" of clearance and I don't see bolt cutters having enough room. Although looking at those bolt cutters, I see they have a flat side and a diagonal blade, so that might work to catch the nail head.
Here's what a hoof nipper head looks like and why the shape is perfect, but again I question the strength of those to cut say, 300 nail heads off.
Here's what nippers looks like that aren't advertised as hoof nippers.