For a healthy bunny as a treat, I'd say no. But for giving meds, the stress of forcing him to have it would probably be more harmful than the shreddie. Giving them something that you wouldn't usually, whether it be bread, shredded wheat, oats or fruit juice, is often preferable to stressing them out.
If you're after a healthier solution, or if he's got a sensitive tum, I'd recommend Critical Care/Recovery, a small amount made up and meds mixed in. The strong taste covers the taste of all medication I've tried, and the stuff is designed to be tasty but good for tummies. I just offer in a small bowl or spoon-feed.
Might be worth trying him with the metacam without picking him up... just offering the syringe or putting on a spoon as a treat, as a lot of bunnies actually like the taste of metacam. It may be the picking up or force feeding that he is objecting to, rather than the med itself.