For the purposes of what the OP asked, yes. This is an acceptable technique.
This is going to be a slight tangent but for every other aspect of adjusting LOP on a precision rifle I despise this technique. It's an old shotgun technique. It was also what I was taught for precision rifles but it never made sense to me. It's like there wasn't a better or more simple answer so the instructor reverted to the only simple rule of thumb that existed despite it coming from a gun where the length of the arm affected the swing of the shotgun. For precision rifles it's a very crude baseline. The reality of PR is that it heavily depends on where the scope is mounted and how, positionally, you're shooting the rifle. When you lay in the prone your arm can bend at the elbow and take up or give more length, to a point, before it starts to affect your firing hand placement and trigger finger position. So the length of your forearm dictating the LOP is barely relevant. That shotgun technique also originated when precision rifles had swept grips, not vertical grips like we have these days so there's a different ergonomic action going on with the wrist.
Yes, understanding the OP isn't setting a gun up right now, he just needs a baseline to put an order in. But in context of setting a gun up, Post #2 provides better advice and it depends on whether or not you're using clip ons where rail space is a factor. If so, I'd drive everything from the front and start with the clip on and work my way backwards. If not, mount the scope so the rear of the ocular housing is directly above, inline with vertical grips. Then let eye relief dictate the LOP. For adj LOP PRS guns I know I'm going to be shooting in a variety of positions so I like to adjust the LOP for proper eye relief in the prone and then shorten it a couple of smidges to accommodate a more vertical neck position like you will have kneeling or standing. I also don't want the cheek piece adjusted for HOB so tightly in the eye box that my face is smashed into the stock to get in the exit pupil. With a slightly shorter LOP/ eye relief and HOB you have a little more forgiveness in head position when shooting awkward positions like weak side. A person also has to think that scopes have a variety of eye relief, tube space for rings, and overall length, and you're going to be wearing different clothing throughout the year so it's almost foolish to let something like your forearm length to dictate the LOP. The scope being mounted correctly has to come first and establish like an anchor everything else.
If you're ordering an old school stock with a swept grip and you aren't able measure using an optic, you're almost better off just using your height as a rough estimate and then using different thickness recoil pads to fine tune. For instance, I'm 6'3" so I always opt for the longest LOP offered by the manufacturer which for a more cookie cutter place like Manners is 14" or so, but I can use a 13 or 13.5". Someone that's 5'10" probably needs a 13", and really short people are just special needs. The reason such a wide variety of body sizes can use same length stocks is because the LOP is really more a function of eye relief before the length of the arm becomes a factor. If you're ordering an expensive stock from a custom stock maker then you should have him measure and fit it for you, based on the action and scope being used.
In reality the LOP doesn't have to be very precise which is why the 1980's shotgun technique persists. Because it's not necessarily wrong. Because the acceptable LOP is so broad and forgiving when it comes to your arm length (not in terms of eye relief) that no one really rebutts it. If you try to "build" a stock on Manners website they don't even give you an option to pick LOP length. It's just standardized across their fixed length models. Probably at 13.5". The only reason I take the time to type all this out is because I've seen junior instructors and people on the internet confuse this rudimentary rule of thumb with ordering a stock with an approximate length vs teaching someone how to setup a purpose built precision rifle that has an adjustment LOP. Two different things. It applies to the first but not really the second. And to the point, you can see in the replies above people talk about adjusting LOP on adjustable stocks instead of understanding approximating stock length for the purposes of putting in an order.