Colour developer agent issues
The theory isn't too far out of whack, but a few isues - reversal film (E6) usaully uses cd-3 as its developing agent. C41 uses CD-4, so if E6 film is processed this way, there will be a different colour gamut that results, since the oxidization products, and hecne the dyes formed from cd-3 vs cd-4 are different.
If you want reversal of tones, and use c-41 throughout, then the usual route of dev, stop, blix, (or, as I do, dev, stop, rinse, bleach, rince, fix, wash, final formaldeyde containing photo flo wetting bath) should work.
I would recommend a stop step after the first developer, and then a rinse if you plan on doing the reversal step optically, as opposed to chemically. Thie should keep too much first developing agent from being carried into the clour developer.