yes, the above will work. However, it's probably unnecessary to specify the host as it will be inherited or derived from the local machine name, unless you need it to be different. If you do, it may make sense to specify it under the [monitor] stanza rather than [default], but really it depends on the rest of your usage.
Note that your blacklist might be too broad, e.g., if one of your subfolders is called "bin", then you will also exclude any file named "binary.log" as well as everything in a directory named "bingo". You'd need to make your regex more specific if you want to avoid that happening.