Agreed!

On the spectrum of security <-> convenience, this workflow is definitely towards the security end. In reality I would use this as a slightly more convenient paper wallet - something as secure as possible while still being usable (if painfully so) on a day to day basis. For example: a wallet used to store corporate funds for purchases larger than what can be handled by "petty cash."

In reality a multi-sig hardware wallet (e.g. multi-sig support on a Trezor) will probably be a far better solution (secure as well as convenient) - but I'm looking for an option in the meantime.

Thanks for the comment.