Its easy to make bombs from U-233. In fact it is better than plutonium in some rare circumstances. Check out the discussion and cool declassified letter from the Livermore bomb letters here: https://whatisnuclear.com/thorium-myths.html#myth3
But in all, you are right, I think. And maybe even more than right.
I'm a reactor designer and study this kind of thing. It's really just a question of how fast you move your Th-232 through a neutron cloud. If you move it relatively quickly and then do your Pa separation you can get very nice U-233 from Thorium.
The nice thing here about low-pressure fluid fuel reactors is that you can move material in and out fairly readily.