That's a great move only if you can move in fast enough to avoid the extension of the kick. Otherwise you're going to have a broken hand/forearm, and a concussion.
Matching their rotation as you enter is all you realisticly have time for. Don't worry about catching or blocking it. Move past it, and raise and extend your hands (like hyshi undo) to keep their balance and weight back. From there, there are many throws and techniques (koshi, irimi, kaiten, kube shimi, uchi mata, if any of their hands or arms come up you have ikkyo through gokkyo, etc..), and you're in a much safer position.
If you stand there and stop or block them, they now are going to do something else, not to mention you've stopped all of their energy, something you should be using against them.
Just some more ramblings to think about....