That will totally work for anyone unaffected by fertility-- infants, toddlers, children, teens and Young Adults if you don't have InTeen installed, elders if you don't use Chris Hatch's pregnancy controller. I'm not sure how it would affect fertility for adults, though. You can always test your method by doing this, in order:

1. Install the mod.
2. Edit one pre-existing adult test Sim's age in SimPE.
3. Clear your cache files.
4. Start your game, load the lot with your test Sim.
5. Find or Spawn the ACR controller.
6. Remove and re-give ACR tokens for the entire neighborhood.
7. Find the Calculate Risky Pregnancy Odds thingy on the ACR controller and check it for your test Sim.

If your test Sim has Risky Pregnancy Odds above 0%, it works! If their Risky Pregnancy Odds are 0%, you'll have to age everybody of childbearing age (at least, everybody of childbearing age you want risky woohoo to affect, which may be a slightly smaller number (Brother Tuck goes sterile! Wei Li loses fertility goddess status!)) up or down, then back to their proper life stage, then edit their ages in SimPE so they're not all on the first day. However, your method sounds easier for folk who are comfortable with SimPE, so please please please let me know if it works.

Also, you are totally welcome! I learned some new stuff for this mod.