Do they work? Yes.
Do you want to do this? Probably not.
Why not? Spotify does not have lossless / Hi-Fi audio yet and what you're getting is a lossy transcode. You would be better doing something like this with Deezer or Tidal (insert other competitors here) that offer a lossless format.
Whilst I've not done this, I would probably advise that if you are doing this that you strip the resulting file of all meta-data (everything!) and then use MusicBrainz Picard to add clean metadata back.