Seeing as it could cut the very Earth, I wouldn't be surprised if it could injure Jones. Heck, it's starting to sound like Coyote's directly referring to Jones there (she's been around as long as the Earth has, after all, and I doubt he's talking literally about the tooth's ability to chop through dirt).
The one issue with that is Jones was not afraid of Coyote. At all. If she didn't fear his power, then it doesn't stand to reason that his tooth could harm her.
"Justice is a blade that draws blood from the innocent and wicked alike. And raised high, it can lead a charge that changes the world forever."