It sounds like it would work as long as the amount of time between chord changes is greater than the amount of time it takes a chord to die out in the reverb/delay effect. If not, then the first chord would still be ringing in the first delay/reverb when you were playing the third chord into it.
Another way to do this kind of thing is to have a pedal that controls the decay time on the delay/reverb effect. You can rock this pedal back to get the first chord to die out quickly before (or while) you play in the second chord. Then return the pedal to the original state to get the second chord to sustain. This could, of course, be combined with your method if the decay times of the two delay/reverb effects were tied to the same pedal as the sends and returns.
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Mark Smart
http://cdbaby.com/cd/marksmarthttp://www.marksmart.net 
