Yes, this is my plan!
If you ever have to do this, adding the black food coloring (about 10 drops in each 5 gallon gas can) made it VERY easy to spot the water on the bottom, so you know exactly what you need to siphon off.
The black food coloring (or any other dark color) only combined with the water on the bottom. It didn't combine with the gasoline at all. It sure made the job of separating/removing the water very easy.