Yep, that would work, but the uglyness can be dealt with.
If you look on the microdrive, on the underside is a little hole that you can't cover. So unlike the pictures, I stuck the sticky bit to the underside of the microdrive, being careful not to cover that hole, and then bent the tab bit over and slotted it in between the upper side of the microdrive and the inside of the cf slot.