I generally use a slightly different put similar aproach for my projects .
I have a project folder and in it folders for every version of it. So test/v0/test.pro test/v1/test.pro, …
So yes what you plan to do should also work (i just dislike mixing leaves and notes in my directory tree so i introduce a node for the current project version as well.)
Some of my projects even had a mix of eagle and kicad projects in the same folder that way.
Important to note is that i do not rename any project files via this scheme. Current versions of kicad do not have a save as option which would mean renaming is a lot of manual work (including needing to change stuff inside the files). Version 6 will get a save as option making this a lot easier and fully doable from within kicad itself.
Make sure you read up what files you need to copy that way.
- Project and libary setup for sharing and collaboration (KiCad version 5)
- What are the cache and rescue libs and how does the schematic rescue dialog work? (KiCad version 5.x and earlier)
And i pair this with version control. This allows having in between states as well as the main produced versions.