Whilst it looks nice in theory, making a rip cut like that on an installed timber staircase (which is carrying a load) anywhere near neatly will prove fairly difficult to achieve in practice, especially as you are trying to rip about 2 metres of 4in thick timber vertically. Have you ever done that with a power rip saw? Or even with a hand saw? I somehow doubt it (based on the fact that I do sometimes need to do "trick" cuts like that). It will be hard work either way, not to mention potentially dangerous to do with a power rip saw. Another thing to consider is that you probably won't get the 1 metre or more overlap that a sistered element should have at the full thickness, so if a crack develops from the corner of your cut-away and propogates upwards along the grain and maybe to the outside edge of the timber it could cause the failure of that newel post. Remember, this is a staircase and AFAIK work such as this is notifiable and needs to have the approval of the BCO. TBH I doubt that I could ever fly your method past a BCO
In view of the fact that you need to build the wall in any case, I'd just have Acrow-propped the staircase up, cut the excess newel post off, built the wall, fixed the bottom of the shortened newel to the top of the frame and then removed the Acrow. This, I think would be easier and safer to do, and relatively fast if you can do basic framing.