yes this mode should work…
the encoders on the OT work in relative mode too, as far as i know.
i was using a faderfox LD2 (16 push-encoders) and that worked (with a bit of external CC remapping). LD2 can send absolute and relative values as well, and if remember right, both modes worked with the OT, so should be no problem with the pocket dial.
the problem with encoders without LED rings and push capability is that you will find it inconvenient at some point, that you cannot see the current value of what you are controlling and not be able to reset that value to zero (or 63 or 127).