The Mold tools in SW are not useful to a large degree. Their biggest draw back is that they are not associative to the design model if a change is initiated by the customer. It is better to use tools like the "cavity" feature in an assembly environment. Then you can replace the part with a new one and just reselect the new one as the body to subtract in the cavity feature and it will update. If you use the Mold Tools in SW everything goes haywire if you try to replace the design part.
The only people I've come across that "insist on using the internal Mold tools in SW" are instructors (who are teaching students how to use the tools in Solidworks, not teaching them how to best utilize Solidworks to design molds) and people who don't design molds for a living.
The method you suggest will still cause you to have a lot of stuff suddenly fail when you get a new part model. And using the "Cavity" method (which we refer to as the "hack & whack" method at my workplace) does not have a 100% success rate and also slows down Solidworks more than other methods...from our experience.