You can do it that way, but if I were doing it, I would use a longer piece of single conductor shielded wire (just like the red one you have - but longer). In a hollow body, the less loose wires you have inside, the better. Also you gain the shielding affect of the braided portion (also acting as your ground).So for both wires (ground and normal) it’s ok to just solder a normal bit of wire to each to make up the length?
However, if you only have single core wire at your disposal, you can do it as you suggested.
If you do use two separate wires, be sure and do this:
- insulate the solder joins (as Jim said). Preferably with heat shrink tubing not tape.
- after you've soldered the extensions on and insulated the joins, twist the 2 wires into a helix formation and shrink some tubing over the helix before you solder to the output jack terminals. Just be sure to leave enough "untwisted" that you can freely solder the ends.
Doing the second step will keep things tidy and give the benefit of acting like a shielded coaxial cable. (like "twisted pair" mic & instrument cables)
Good luck and happy soldering!
Edit: Just wanted to add, the twist in the 2 wires doesn't need to super tight, just kind of a moderate helix, if that makes sense.