AFAIK that will work. But the UA5 doesn't provide analog pass-through, so you're running through an extra ADC/DAC stage. Signal path would look like the following:
Mics > UA5 analog-in > ADC > DAC > UA5 analog-out > R1 analog-in > ADC > record to CF
Not ideal due to the extra ADC/DAC stage, but it should work.