I am not a reverse-sear fanatic, but for this cut of meat, I think it is absolutely appropriate. I also agree that you could do a rest at your target temperature, and get your cooker up to a 400-plus temperature, and really put a nice crust on the outside, and have a stellar rib roast.
Some people will not like their meat that rare, but you can always toss their slice back on the cooker to cook more. But, I think you are on the right track.
Good luck. Tell us how it turns out (with pr0n).