The method you describe of adjusting the preload on the bearings seems simple enough and should work fine. I'm sold on the Campy method of adjusting the preload because you do it while the wheel is clamped in the dropouts. Not that my opinion should sway you to look at Campy hubs, but their method is quite elegant as well.
There's more than one way to skin a cat (set the preload on wheel bearings).
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Dale, NL4T