That's how I do it as well, if the exposure for low ISOs shows "more than 30sec". I usually use ISO 3200, which gives me good reading up to 15min at ISO 100. Since such long exposures need to be prepared carefully anyway, a few more seconds spent calculating the correct time don't hurt at all.
It would be nice to have that step automated in some way, though.
There could be a setting in the bulb timer options, like "use high ISO metering" that would use a high ISO (say, 6400, to not exclude the older/cheaper cameras) when pressing the metering button, automatically calculate the TV for the currently set ISO from the measured value and set that for the bulb timer, which could then be triggered the normal way - no need to go into any menus after activating the initial setting.
Sadly, I have no idea, if it's that easy to program, but temporarilly raising the ISO when a button is pressed seems doable and the rest is basically like the "exposure lock" function and stuff that happens in ML anyway... just my little idea, in case any of the devs feel like adding another feature right now.