Yes ,it will work. But, you should get a connection between the frame and trans. Your engine,trans, and diff are rubber mounted. You are asking the ground to connect through an indirect path if you don't have a direct connection between the frame and the drivetrain.
And as Red says, you have the main drop off point to the upper bulkhead, and this is quite often corroded and dirty. And, once again, taking a path through the bulkhead, the bulkhead mount brackets and the bolts. All of which are constantly corroding.
Think of it like a boat. On a boat, there is no frame or path to follow through the hull back to ground. So, you always create that path yourself back to a common location. I tend to do my Land Rovers the same instead of depending on the various parts to do the job.
Hopefully we aren't making this worse for you. It's a very simple vehicle electrically, and I have ripped out a million miles of bodged Rover wiring that was working just fine. I just tend to want everything traceable in case I have to work on it in the dark. Which goes back the boat. I have hung upside down in the bilge before,try to figure out what the hell someone had done while I drifted. Not pleasant. And, usually came back to someone trying to jump things from location to location instead of logically thinking the flow of electrons through in a loop.