I would think that should work, Mike. I considered something like that myself previously, but I ended up killing two birds w/one stone by picking up a Belkin PureAV Home Theater Power Console PF31.
I needed more outlets than my TrippLite Isobar had, plus the PF21 also had a 'remote on' switched outlet feature that pretty much performs the same function, so this was a more expensive workaround than the one you mentioned, but b/c I needed the additional outlets anyway, this fit the bill for me... -TD