I think that will work, though normally I'd use something like:
IF (Dimmer level >= 91) Repeat every xx:yy:zz
Adjust level
END-REP
(that's a simple conditional on the repeat, sort of a "repeat while"). I've never tested it but would assume that what you have does the same thing, just with a few more clicks.
However, I'd be extremely cautious using a 0.01s repeat interval. RM will likely let you, but anything that fast seems like a good way to cause problems. 
At the very least, I'd start testing it with larger intervals (it would be easier to log and see what's happening, too) and see how far you can work your way down until it both creates the effect you want but also gives Rule Machine some time to breath.
