This method will work another option I'd recommend is checking outMREPO. As this enables you to maintain your own copy of repositories as
well as setting up your own custom ones.
http://dag.wieers.com/home-made/mrepo/
Other options are things like
https://fedorahosted.org/cobbler/
http://wiki.centos.org/HowTos/PackageManagement/Spacewalk