That's a tough one. I suppose you could do it, but I would have two concerns.
1. Double wrapped in foil will probably cause the temp. to rise more than normal after it is removed. They usually say it will rise 5-10 degrees once removed and covered. I find it usually is lower than 5. I'd be concerned your method, with the high temp and immediate double wrap, would be closer to 10 degrees. That is a big difference in regards to doneness with a rib roast.
2. I'd think pulled and wrapped would also mess with the crust as well.
That being said, if I were to attempt what you're trying, I would probably not use the recipe your were thinking about. I'd probably go for no searing at the beginning, roasting at a very low temp (225 or so) until it reaches a few degrees below your target temp. Then I'd pull it and double wrap it immediately. I'd store it in a cooler as you suggested. Prior to serving I'd put it back in a 500 degree oven for 10 minutes or so to develop a crust, pull and briefly rest.
I'd still be wary about serving it to guests that were not immediate family. You can be as careful as possible in handling the meat, but you will still have a roast in a sensitive food-safety range for two hours.
Being that prime rib is my very favorite entree, I would probably save it for another time if I was in your situation.