That is exactly how I was planning to fish the variant of your fly that I described. Instead of using the Grant technique, I'm going to use a trick Al Troth showed me when I lived in Montana that he used with the Potts flies like the Brown Bears or Mites. He used several strands of embrodiery floss for the bottom stripe, and that made all the difference in the width and depth of the body.
Instead of embrodiery floss, I'm going to use between 4 and 7 strands of antron or Z-lon for the bottom stripe.
This fly of yours has it all: color saturation, illusion of bulk, subtle veiling of the bright color, and movement.