You could do that or you could do like the pic below. I got this from Bizzy back when I had my 95 ATX and I had to put a new harmonic balancer/crank pulley on. Where it shows in the pic of the C-Clamp, put a very large socket or something metal between the C-clamp and the bottom edge of the fender well, something at least a couple of inches in diameter and at least 4-6 inches long, that won't crush when you apply the 115-125 ft-lbs of torque to the pulley. You will probably need someone to help you hold the socket or metal object while you turn until it meets the fender well, then torque away, and that should do it.
Anyone else have anything to add?