The problem with your version is that you are placing all the shear force into the rubber of the harmonic balancer and will most likely trash it. Definitely don't do that method when retorquing to 304.
^^^^
Agree and would add:
The 'break away' torque required to remove the bolt (that may have been on there 20+ years) is even greater than the torque to install. Not a good idea to capture the HB by its circumference for either procedure. The risk of compromising the rubber bond could be a very real concern.
The use of an impact wrench (to remove) 'might' help mitigate some of the risk, but its just better to hold the HB as was intended to be done (use the bolt holes provided).