Absolutely a great idea. Take it a step further, the email provides a private one time generated link to the page which captures the "referrer source ip" via HTTP upon visit which writes the necessary rule(s) to allow that ip automatically. Additionally the page also should provide a simple form to supply an override ip or additional ip's you'd like to allow access (I.e. a button to add additional ip input fields one at a time as needed) along with a convenient link to wp-login.php to jump right in.
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