That’s a reasonable approach. You could even just use wildcard DNS entries like those from nip.io:
http://group1-192.168.1.11.nip.io:81/mjpg/cam1
http://group1-192.168.1.11.nip.io:81/mjpg/cam2
http://group2-192.168.1.11.nip.io:81/mjpg/cam3
http://group2-192.168.1.11.nip.io:81/mjpg/cam4
I would also note that Blue Iris can be added in Custom Tile with a URL. This is a really neat approach as it leverages all the work done in the Blue Iris “UI3” update so you can use new streaming technology, take advantage of camera groups, and even toggle in an out of specific cameras.