Have not tried eggnog in that recipe, but recently subbed for the milk in a bread pudding, actually one with a gingerbread base...it was a huge hit. I did use the regular number of eggs, 4, in the pudding on the theory that it was the milk I was replacing and not the eggs.
Homemade eggnog might be OK, but I once tried to use leftover carton eggnog for French Toast and it just didn't work at all. Although maybe I didn't add any eggs, I can't remember now. It seemed like a good idea at the time.