mmh, I have sort of a stronger opinion on the - in my opinion - flawed approach to start with genome/transcriptome mix, but I guess you're right in the sense that technically it will "work".
You can't say whether a not measured gene is absent or just not expressed in your experimental condition. That means, you might not find the correct ortholog but define a paralog with modified function the ortholog. Given to usually high number of genes not expressed at any given condition, I wouln't want to evaluate those results