I think that's the idea, Dave.
By the end of the summer they should be frayed and old-looking and with sensible wear they should last a fair few years so long as you cut them at 3/4 length.
I once had a pair of jeans with a hole in the leg which developed to a pair of shorts. It looked quite good until I grew to the point that in order to button them up I would have had to re-do the hem (plus they were flagging at beyond half-mast).