Yeah, that can work well. Another option is to immediately "pivot in". Basically pivot on the ball of your lead foot while stepping your right foot to the right (if you were standing on a clock and your right foot starts at about 4:30-5, you'd step it to about 2:30-3).
This will make his cross miss and keep you within range to deliver a really crisp straight right/cross of your own.
You could also slip his cross to the left while you deliver a right hook/straight right to his body and then come back upstairs with a left hook to the head.
Finally you could try "blitzing" or "flurrying" (as duffy suggested). Basically you throw 3, maybe 4, punches (you could also throw in a kick if it were MMA/MT) extremely fast, with as little space between them as possible.
Personally, if I'm leading with a "blitz" I like to throw a jab, straight right, and lead uppercut/or liver hook to the body while at the same time stepping through with my right foot (so that I wind up in a right lead stance).
If you do it right, and without telegraphing you WILL land at least one of the punches if they try to stand in the pocket and block/counter punch you.
Keep in mind that maximal speed is what matters in this technique though, only really the last punch is going to do any significant damage.
Switching between a number of different combinations, footwork patterns, and head positions will keep them guessing and not allow them to predict what you will do next.
If you then start throwing in feints and broken rhythm you will slow down their reaction time even more so and
Well, the way I was taught to hook, it's not really a "looping" punch, more like a straight punch thrown from an angle. The arm stays bent the whole time, but your forearms lines up in the line of force and you land the punch straight through the center of gravity of your target.
Here is Joe Lewis (one of the people who I've been lucky enough to have a chance to train with) hooking a heavy bag and also teaching a little bit about how to throw proper hooks:
In fact we never really were taught to throw any type of "looping" punch. Even the overhand right comes in straight through the target (although it starts up high and comes downwards at an angle). I don't really like overhand's though (as I've stated before).