Yes that will work.
I would use the modbus TCP software over the Profinet port of your CPU.
See this thread from more info on modbus TCP for S7-1200.
You could then use a Modbus TCP to Modbus RTU convertor.
There are many commercial ones available. I can recomend the one that I have used in the past.
It is called an XPress-DR-IAP and is available from a company called Lantronix.
The device takes acts as a ModbusTCP server on one side and a Modbus RTU master on the other. The Modbus TCP client (the S7-1200) request is converted to a Modbus RTU master request. The response from the RTU slave is then converted to a TCP response and fed back to the Modbus TCP client. The device is configured via a web interface or telnet interface and is very easy to setup.
Programming today is the race between software engineers building bigger and better idiot proof programs, and the universe producing bigger and better idiots.
So far, the universe is winning...