If it works, do it!
But it's NOT the same thing as multi-band or dynamic EQ. Those process turn down the specified band based on the energy in that band. What you're doing here is turning down EVERYTHING based on the energy in that band.
I almost never use this kind of sidechain thing (the filters are in the detector path) but I do use "pre-emphasis/de-emphasis" - putting an EQ before and a compimentary EQ after - which ends up having much the same effect.
I think you're right about the phase thing, though that's rarely an issue either way.
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