You did not specify cable or solid wire lead outs. Soldering into the rivet and wrapping the free end would make more sense with solid wire lead outs. Wrapped rod without solder is not unusual, I have an old super ringmaster that is built like that, and passes pull test with no problem. (No I did not build it like this, as I don't like rod lead outs. I am not changing it though.)
Using the pop rivet to provide a bearing surface is not a bad idea. The concept is not much different than using tubing to make a bearing.
http://www.stunthanger.com/tips.htmI used a pop rivet as a bearing on the elevator of the above mentioned Super ringmaster which has a (worn) wood horn. I also use pop rivets as lead out guides since it is quick, easy, and works well. (knock the nail out of the rivet to leave an uncrimped sleeve)
People have been wrapping and soldering cable for years too because it works well (it is recommended in the '12-'13 rule book). I do not solder lead outs anymore as crimps are faster and arguably better. People have also been wrapping, then heat shrink instead of solder, which eliminates some problems related to filling cable with solder causing a "hard spot" (with related potential fatigue problems from all the wires in the cable soldered together), and temper change of the cable from heating.
I can see a clear advantage of having effectively no "tail" "wraps" or "crimp" to hang up on ribs and such (I have destroyed a plane over that alone, almost destroyed a second, and know better now) I now prefer a opened up rib opening and making the connection in a similar manner as linked, as short as possible (I use crimps now).
I would be unwilling to rely on only a solder joint for a lead out.
Phil
Stirring the pot with my opinion: Using a liquid adhesive such as epoxy or CA may also create a hard spot, similar to soldering, by wicking into the wire. It will prevent temper changes at least. If the glue is thick enough to not wick through the layers there should be little difference between shrink tube and glue.