yes, that will work fine. That has more or less been the main way of mounting a Cox .049 since I was a kid many, many years ago. It was what was shown in all the kit plans and model magazine plans. To borrow an idea from the Goldberg Wizard, make two firewalls. One is 1/4" thick and has 4 rounded ears at each corner. Mount the engine to that with your #2 screws. Make an identical firewall either out of 1/8" or thicker plywood and glue/assemble that to the fuselage. Then you use rubber bands to hold the engine to the model by wrapping rubber bands around the ears, so the engine will give or pop off in a hard "landing" !! It really is the way to go for a trainer. Some one may have pictures posted in this section of Stunthanger to illustrate what it looks like.
Type at you later,
Dan McEntee