Hi Wayne,
Yes this is definitely a sane approach, this is actually the way it's performed when you use the georegistration command :
However it's limited to camera pose positions in this case, but the written code and the use of class SimilarityTransform3 can inspire you.
This assumes that the scene maps pretty good though because it's a rigid transformation (with isotropic scaling).
When your scenes get larger, you'll need a more elaborate mechanism and to incorporate your GCP into a custom bundle adjustment so they can rectify the structure at a large scale. Photogrammetry is quite precise at short scales (relatively to your image field of view) but you always end up with a kind of error drift and scene distorsion while you register images.
I believe there were some posts in the past about the subject.
Cheers,
Pierre-Olivier