Absolutely, not only is it viable, but I would encourage you to do so. Dynamic Link is convenient, but if you have anything in the project that is render intensive, then you are wasting time re-rendering the same thing for every deliverable you have to create.
The bigger benefit is that this is a great way to have an "archival" version for the future. Today you may be using Premiere, next year you may be using FCP X. Or you may stop using a plugin that the current project uses. Or you may encounter re-linking errors down the road for any myriad of reasons. As long as you don't need to re-edit anything, the master will avoid all the above issues.
We prefer to use ProRes 4444 since it is visually lossless. I've found that higher compression options (422 HQ, 422, etc.) sometimes doesn't handle grain and shadow noise as well. We chose ProRes over DNxHD because it is far more ubiquitous, and it has less generational loss.
We've flown packing tripods, stands, and sliders into standard suitcases. It works if you don't fly too often (2-3 times a year), but the gear does take a beating over time. Hard cases are always the most durable, but come with a weight penalty.
Pelican released a new line of hard, lightweight suitcases: Pelican ProGear Elite Luggage that weighs under 16 lb for their largest size. Unfortunately, the largest size isn't very large for tripods/light stands.
The Pelican Storm iM3220 has an interior length of 44" and weighs 20 lb w/o foam. The Pelican 1740 has an interior length of 41" and weighs 22 lb w/o foam (the depth is 50% thicker). Even though the weights are similar, the 1740 just looks a lot bigger, while the Storm case visually looks less intimidating.