Works just as you describe. That is enable silent picture in single mode, set intervalometer attributes, focus and comprise, switch to LV. Start sequence.
I have taken many timelapses this way.
The resultant 14-bit DNGs, albeit smaller pixel size than a full DNG are great for creating timelapses.
I use LR, LRTimelapse and Panolapse.
I also use EXIFToolsGUI or Lenstagger to add back in the missing EXIF, if needed. Not all deflicker tools require EXIF.
Bottom line, if you accept the missing EXIF, silent DNG timelapse works well.