I think the entry order would also be a SL type order to be triggered when your trigger price is reached.
Could be done as you described. in addition probably set sentinel notification when SL/targer is hit so that you have reminder to go cancel the pending SL/target order.
Currently, I place cover orders (intraday)/NRML (positional) in commodities. And use sentinel to set price alerts to track my SL Price. The moment I get sentinel alert, I go manually exit position.
All the stop-loss and target orders you place will get canceled at the end of the day. If you are carrying forward the positions then you will have to place the orders again the next day. But, sentinel alerts are not canceled and they are carried forward for days till the price trigger takes place.
This may change if Zerodha in future supports commodities with GTT orders