Giloc,
Sounds OK to me.
A couple of points - CAA are saying LAMP is not enough. A maintenance programme has to be developed (MA302), which includes the manufacturer's recommendations, ADs, SIBs, SINs, SBs etc etc. LAMP will be a good base on which to build but doesn't include all the sources of data 'they' want to see. As an owner, you can also add things to the programme (e.g. a more regular spat inspection for operations off rough surfaces)
As the aircraft is outside the formally -defined 'controlled environment', each review will be the 'full' version (i.e. not just an extension). I guess time will tell how expensive that is compared with being in a controlled environment.