Yip...that'll work...
You can reposition it even nearer the tip, say 2 1/2 more inches and thereby shorten up the cord more. You can use moleskin to silence it. If you split the string and put the cord through, you don't need to tie it or wrap it around the string, the tension will hold it in place. Don't worry, it won't slip. Just mark the string with a permanent marker, so you can get back to the mark and do a quick eye check. Leave enough tail to be able to grab it with needlenose pliers. That'll let you make fine tuning adjustments with the clicker in place and the bow strung. 150# braided Tuff Line is a good diameter, won't stretch and is very light. A marine supply or tackle shop should be able to let you have a few feet of it and you'll never need to worry about abrasion or stretch.