Abe,

That's exactly how I would've done it. When I air layered a couple of branches this past summer, I has some leaves turn yellow at the top, otherwise, it was successful and they're flourishing in their new pots. Keep us updated!

Another option you can try:
In Feb or March, I cut 8"-12" from the end of a branch and push half of it down into the ground or into potting soil. I usually scrape a narrow strip of bark along one side of the cutting at the bottom end to stimulate rooting. Rooting hormone along the scrape also helps, but I've rooted fig successfully without it. Keep them in shade for several months until you are sure the cuttings have adequate roots.

It is best to transplant in the fall so they can become established during the cold weather and spring, prior to our summer heat.

Your method works for grapes very well but for Figs I tried baging which I had no luck so air-layering works best for me.