It looks like it will work to me.
I use a similar circuit for some of my designs (eg. SC114). Not quite the same, but similar.
Given that RD and MREQ have very similar timings then the overall result of my circuit should be about the same as yours with regards to the RDROM signal and the RAM chip.
I connect the RAM CE2 signal to the ROM CE so that is slightly different to your circuit. Given MREQ and RD have similar timings it amounts to much the same timings for the ROM to get both OE and CE low. Actually, your circuit better meets the timings for typical ROM chips which allow more time for the ROM CE than for the ROM RD.
I think there is one issue. Not sure if it is a bug or a feature. When the ROM is paged in and you try to write to the ROM area, the RAM will be written to. At this instant the RDROM signal will be high as RD is high. When RDROM is high the RAM is enabled at CE2.
Steve