You're suggestion will do fine for most of the occasions (not sure if occations are the right word to use)
3 months ago i had to do a simular "trial version" to a friend of mine, and i didn't have a clue of how to do it. In that particular workbook there where some special codes and without paying for a full version they shouldn't be able to access them.
I thought about doing it the way you did, but there are always someone who manage to open the book and/or crack the password. So in the end, deleting all sheet with data seemed to be the only option (even the userforms). I don't remember exactly what i set the password to, but it was something like "Ac1q2saQDs2df3f3we!#&%!&". Since all data sheets where deleted there really was no need to protect the book, but you know, just for the fun of it...
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