If you don't want anything fancy then I would say yes it's the right way. If you needed to adapt it over to some other standard then the approach you were attempting previous is how I typically do that.
Just as a FYI by default the address bits that will be exported by the master of the bridge will be byte addresses. If you want word addresses switch the bridge parameter to 'WORDS' or just remember to shift the address bits accordingly. If the thing outside of Qsys has a lot of latency make sure to set the max pending reads of the bridge to accomidate for this. For example if the maximum external read latency is 16 I would use a maximum pending reads of 16 or larger on the bridge.