Yes, that would work. It's been a long, long time since I broke out the 74xx parts, though, and I tend not to look at them first for stuff now. (I did build my first computer that way, all hand-wired, with a staggering 1024 bytes of RAM.) Maybe for my final setup, though I'm toying with ideas involving multiple sensors.
I was once asked by a smart-ass: "If you built your first computer like that so long ago, how come you're not rich like Bill Gates?"
My response: "What makes you think I'm not!?"
…silence… 😄