That should work. Note however that the Performer can not hear the musician in the Studio at the same time; that would be jamming, which VST Connect explicitly does not support.
So: Producer and a Guitar player are in the studio. Guitar player can hear and play with Performer in sync.
Performer plays Bass and hears the playback from the studio, but not the Guitar player. Guitar player gets a cue mix of playback and Performer (bass player) and should hear both in perfect sync. Producer can listen to both.