Hey noshow
I'm going to give you a very simple answer to your question.
Yes. Doing what you described does work.
There is actually a simpler way to do it than calculating dives with 0 surface interval, but I'm not going to attempt to describe it, as I don't want to confuse you into doing something unsafe, and it gives exactly the same result as what you are doing.
FWIW, I was actually taught this method on my PADI OW course a dozen years ago, however I have since had younger PADI instructors tell me that the method is not valid. As the wheel is constructed from the same source data as the table, I suggest that they simply do not understand what the tables / wheel are modeling.
Now the more complex answer
I used this method for calculating multi level dives for many years. Then I bought a computer (alladin pro), and verified that the computer would give me longer bottom time than calculating the multilevel profile. (As you would expect, as you always end up diving more conservatively that the absolute limit of the square profile sections you plan with the table).
I also started planning some decompression dives at the same time, and made the effort to understand decompression theories, M values, and human physiology.
I now have the view that all dives require correct decompression, which may be as simple as correct ascent rates. I also always like to do safety stops at 5m, and make a sport of seeing how slowly I can ascend from that safetystop to the surface.
Co-incidentally, I feel a lot more awake after diving
If you want to use the tables to calculate multilevel diving, I'd suggest that it is OK, however keep away from the limits at any depth, and always do a safety stop, and a slow final ascent.
I'd also strongly recommend extending your education in the area fo decompression theory. UPs recommendation of a gue course is probably quite good, but I'd be more general and say that anyone who can explain M values, and how they are used to develop dive tables would be a good start.
(Although this stuff is covered in the PADI encyclopedia of diving, I'd suggest that most rec instructors have merely learned it, rather than understanding it)
After doing all that so you understand what's happening, buy a computer and follow it. It makes recreational multilevel dives way simpler, so you can spend more time watching the fish swim, or the iron rust (depending on preference)
ciao
Mike