If nothing else, that view is consistant with the only detailed instances of a hero wacking a god outside of the middle world: Snodol taking out the God of the Silver Feet resulted in the Syndics Ban, but that only affected parts of the West. Even Arkat, who killed Gbaji in the Middle World (why didn't he transcend it to the God Plane like the Red Goddess?) is only KNOWN to have eliminated him in the West. The Orlanthi distinctly say no one knows which of them triumphed (how an Orlanthi in Ralios squares this with Arkat's kingdom after is beyond me) and Nysalor is available to the Lunars. The wild card here to my mind is the Machine God, but for all we know he wasn't a god but a construction.
Based on that I'd think you're on the right track if not spot on.
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