Sure. I probably could have come up with something even more contorted to astonish the newbies out there.
Your inventive solution is certainly fine for a portable drive you want to hook to different systems,
...but in the case of a single machine, lilo _is_ a proven boot-loader.
Besides as I originally suggested, the NT/XP bootloader can be used as well.
IMHO, the aim should _not_ be to make linux look complicated.