That's the only way I think it could work. But I wouldn't delay things to ask the ref to have a look. In the same way a linesman can flag for a foul, the fifth official would watch a replay, make his mind up (quickly, obviously) and tell the ref via the earphone. But I'm open to reasons that wouldn't work, as I don't agree with the idea of introducing rugby- or tennis-style delays into football.
FWIW, I also don't really hold with the idea that the great thing about football is that the rules are the same for the World Cup final and for the pub league, so you can't introduce video evidence at the highest level or there'll be a degree of separation. There's no linesmen at pub leve,, and I don't think anyone feels separation because of that.
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