It is all good to go in those respects.
The risk, though, in this procedure is that girdling the trunk below all the foliage means the roots are not being fed carbohydrates and the auxin that stimulates their growth. If anything goes wrong with the adventitious rooting, there is a chance of loosing the entire tree when the roots exhaust their reserves and die (about 18 months in my experience). Usually the root stock will pop a new shoot or two, but you may, instead, want to layer up here
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where there is a branch that would feed everything below.
Then, if all has gone well (which it likely will), you will have lots of options with what is left on the root stock too. The root stock is a generic green palmatum that can be a good start for another bonsai by itself. You could toss it, chop off the remaining cultivar stem and use the root stock, or layer off the remaining cultivar stem and maybe have three trees, or what ever appeals to you -- you will already have most of the cultivar you bought on its own roots.