The trouble would be the speaker impedance not being constant across frequency.
If you have the money and will, I can sell you a pair of Clements RT-7 speakers with a flat 8 ohm response throughout 0hz to 100Khz guaranteed with any signal as it's crossover is just a precision tunes R-C filter & the woofer's load response is balanced due to the intelligent cabinet design. The tweeter is a transformerless planar ribbon which also exhibits a flat resistive load across it's frequency range.
What I can't guarantee is how much the impedance slightly increases as the components heat up.
Again, to the OP, do you want to just measure the raw power consumed by your speaker for evaluating power consumed by said speaker, or, are you trying to evaluate the speaker's response to the power being fed in, this will alter the approach to your test.
With the method you placed in you OP, you should be able to measure overall power consumed by your speaker is your source measuring HW is sampling everything in parallel simultaneously. This means 2 differential channels sampled together. In my circumstance, I might use a 8 ohm resistor in series as my current shunt with a 4x voltage output amp & do the math, however, this allows some woofer and crossover circuitry to interfere with the linearity of the source pink noise.
What king of accuracy will you need?
Something like within 1 watt over a 100 watt range?