It might… have you tried it out?
Personaly, I still like the idea of having your preloader animation in a movie clip, and having all the code attached to that movie clip.
The reason for this is simple. Reusablility. With your method, at the very least you have to copy frames to another project to reuse that animation again. And, if the other project is not the same size as the one you develope this on, you have to reposition things on the main stage, which always proves difficult if you’re using tweens.
A movie clip can be repositioned or rescaled, automaticaly based upon code if you want it to.
Try out your method. You should. Use the bandwidth profiler, with a setting of 14k to see what the preloader will look like in action on the web at one of the slowest possible speeds.
the bandwidth profiler is located in menu option “View/Bandwidth profiler”. When you are in test mode.
The settings for speed are then located under “debug”. Some basics are provided for you. You can also set some of your choice and save them for later usage.
Clicking on enter in the test mode will automaticaly restart the animation using current speed settings.