Lots of ways to go about this. It comes down to what you are used to as well. DAW's and available libraries consist in basic loops to DIY composing. Been doing that trip since 1980. I much prefer a Stand alone workstation like Korg Kronos X and an Akai MPC synced or Midi to the DAW these days over only VSTi but to answer your question, that will definitely work!

I agree with audiokid, if it's for live purpose, vsti is not my choice cause they are long to load and hard on computer ressources. I'd definitively prepare the songs with vsti and convert them in one single wav file I can play with a computer and have a backup on a mp3 player..

For studio it's good.. but be sure, you have all the sounds you need, using the komplet package is less limiting.
For composing tool, you can go simpler, like garage band of other all in one solution