I tried for months to get an automated python process going to update address locators similar to the method you described. If you haven't yet discovered, the bug that corrupts address locators when attempting to rebuild an empty table still exists in ArcGIS 10.2.2. Furthermore, even when there is data in the source table, I found that using the arcpy function to rebuild the address locator would inevitably corrupt them sooner or later! In the end we decided it was safest to do a manual rebuild in ArcCatalog - but even this fails sometimes with an error message simply stating "Can't rebuild address locator". Sadly, it seems the only reliable method is to manually delete and re-create address locators every time.
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