You've got the general idea. However, there are two different hoses needed. Essentially, the of end overflow hose from the radiator needs to be submerged in the overflow container. Some bottles use a hose through the cap, others have a tube molded into the container (a'la Mopar factory installs). The overflow from the bottle is a separate hose from the one that goes to the radiator. This hose should go from the coolant recovery bottle overflow to below the engine bay without dips or loops that will retain coolant. You'd be surprised where bugs will go for water.
The system that I have on the 73 /6 Dart came from an M-body. The bottle is hung behind the radiator support on the passenger side, over the charcoal canister. The canister had to be lowered about an inch for it to fit. (Shoulda pulled the canister mount from the M-body, too.) I route my overflow through a pre-existing hole in the lower radiator support.