Yep! That would work.
FYI, I’m not trying to sound like a jerk so I apologize if I do so, but the update from “Free-Trial” to “Expired” should only be done IF it’s still free trial, and they haven’t converted to a paid plan.
Otherwise, you’ll just ultimately set all of your customers, both free and on a paid plan, to expired.
Sorry, I know that goes without saying, but it never hurts to cover all the bases.