I used to do it that way. It should work.
Of course the stove I had was an ancient one, in a rental, back some 30 years ago and years ago stoves were built with fewer restrictions and liability issues so the heat the maker could build them to produce more heat than many do today.
If it's a Thermadore or other upscale brand I'd say you are golden.
But the entry cost for what you are doing is cheap cheap cheap so the worse that will happen is you'll end up with a nice stock pot and take to brewing on propane.
These people have pretty good pricing http://www.foodservicewarehouse.com