This idea can work. You have the opportunity to filter in incoming or outgoing direction. As described here, this would be an incoming filter.
Traffic is only blocked in one direction. This will suffice to stop unwanted traffic flows.
Some tips:
- In these cases you preferrably specify a destination range as well instead of the keyword: any.
- With an extended access-list the syntax is: deny IP 172.16.... You may specify tcp or udp instead but some protocol specification is required here.