It is important that you ground the pot. If you are sure that the thing you are grounding (i.e., the element threads) will remain in permanent electrical connection with the pot, then your solution is good.
The reason for grounding is so that your GFCI (or breaker, god forbid) will trip when a hot line contacts the wort or pot. That's it. If you don't have a good ground, the electrical current has no place to go, and the safety devices won't trip until you grab the pot while in bare feet.
If you have a GFCI, you will probably still live and might not even know what happened (other than the circuit went dead). If you only have a breaker, it's very unlikely that your body will conduct well enough to trip the breaker, and you'll probably die.