Yes, that will work fine. Here are some pix to show what you've described:
(click twice on each pic for full resolution)
I still use this once in a while, but have found that an easier method which works very well is to use s/s wire clamps, sized to the backstay diameter. You just put a waterproof, heat-shrink ring terminal on the end of the GTO-15 feedline, slip the terminal over one of the legs of the clamp, and add another nut.
Most of these fittings these days are metric, so you'll need a metric nut.
This allows for very easy connection and inspection/cleaning/replacement when needed.
If you do the waterproofing well, you won't need a "drip loop", either. Just go straight up to the wire clamp.
I still use the "bent bolt" trick on "alternate backstay antennas", i.e., those made from 3/16" insulated s/s lifeline. Normally, I stick one end of the bolt into a Nicopress sleeve and clamp it onto the standing part of the wire. See last pic on above-referenced page.