My issue is that wouldn't the camera be metering itself off the ambient modeling light of my strobe? If thats the case, when I trip the shutter, if my strobe is at full power it is going to blow out the frame. Correct?
Probably. But it is possible (however unlikely) that it could select an aperture together with a long shutter speed for the ambient light that just happens to be the correct aperture for the flash you are using.
Is it fully automatic or do you have some aperture control?