I think the above is the correct start, you can then import into your list module using your new line item to populate the subset for the list member. Alternatively, if you wanted a new list completely you could replace the TRUE FALSE conditions with RIGHT('[List Name]'.[Property], 6) and "" then import this into a new list.
To add, why have this as a list property and not in SYS Module? By having this logic in a module, it will keep the logic in one SYS module where others will know to look for such data, b) you will have to create a subset action to set the subset which can be in this SYS Module (talks to maintenance) and c) this/these line items will show up in the model map whereas list properties don't.
Please try to stay away from using List Properties.