On that magnezone there'd be no need for recycle, as it has magnet rise anyway. Balloon is good for the instant immunity, definitely, but magnet raise > recycle.
I don't know when it'd have time to put a sub up, however, as if you're switching into steel types, you may aswell just hit them with Tbolt. If you sub on skarm, it's going to be whirlwinding you, subbing on scizor would be a terrible idea and you definitely won;t get time to sub against dragons etc. I suppuse if it works for you, then cool; I guess it's a great Jirachi counter so long as it lacks U turn.
Personally, without actually trying your set, I'd imagine the scarfed set would work better.