That will work if you want it down for volume, up for tone. However, when in tone mode the volume will be full and in volume mode the tone fully off, so it doesn't 'hold' its settings. Also, that example is wired more for independent volumes like on a bass.
It all depends on how you want to use it and in what context with the rest of the SG's circuit.
Hey weirdbits, thanks! Is there a way to wire it to have the settings 'stay'? Cause I'm going to have a master vol anyway so if not then I have that as a fail safe