Yes, that type of redirection works well against a round-house kick. I must say though, the timing must be just right otherwise you (nage) might take a kick to the head or ribs, etc. I prefer to use that type of body movement against a front or side kick, there is more room for your timing to be slightly off and still not get kicked.
An example of this type of body movement against a front kick would go like this. If uke kicks with his/her right leg, nage should enter to the left and redirect uke's kick with the right hand (don't forget to use your left hand to guard against a punch). Nage should end up in a positon behind uke and if nage's timing is right he/she should be able to grab uke's shoulders (from behind) and plop them on their arse. I've taught this technique many times because it's easy to do and works well. If performed quickly, uke only has one leg on the ground when nage grabs the shoulders, so as you can imagine uke does not have what would be considered optimal balance (especially since they will most likely be pivoted slightly after nage redirects the kick). Anyways it's just an idea, take it for what it's worth.