I can say I think so, but you are using terms I am not quite sure. Let me try to replay in my pitiful wording and tell me if I understand.
Essentially, it appears that you are originally analyzing to find exposure goals.
1. Then you are doing my step 3 first, right? Over-expose (from what a 50/50 break would be), to expose all but the shadows. And the shadow is open.
2. Take a neg of #1, use this to block the shadow region for step three.
3. Repeat #1 with #2 registered over original neg and not such a high exposure such that the mid-range is printed.
4. Take a neg of #3. Midtones are open.
5. Use 1 & 3 registered over original negative to block shadow and midtone, take a neg, printing only highlights.
6. Take a neg of that, open highlights.
IF, this is what you are saying then I think we are doing the same basic thing from a different perspective, and yes I think yours would work fine and maybe even better.
My particular reasoning was simply based on #1 how to isolate the tone ranges (particularly the midtone) and #2 making sure they would be clear in the desired region rather than black.
In case you want to educate me. The wording I am intuiting, I think< but am not sure of are
peak density-is this the highest , lowest, or an aim density.
Stouffer 21 step tablet- is the a color/grayscale type of tablet?
Zones - again I am imagining that this refers to highlight vs midtone vs shadow but stepped with more than the three steps I appear to speak about.