Yes, that works. Although be careful where you have the absolute zero position for Z set. If you're not zeroing the Z with a home switch then that position could be anywhere, so I'd be inclined to use G0 instead of G53 in that line and put a suitable clearance, say code "G0 Z10" (depending on how much Z-travel you have). The other method is more robust iff you have a home switch on Z.