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The circuit you posted would work fine for that.
Aside
I put a drop-out relay in an outlet strip once. You plug it in and press reset. When the power dropped out and came back the relay would stay de-energized. I'd plug an auto-answer modem into it. I could call the lab phone and if it didn't answer, we had a power failure.
I coould then goto work and reset the I-V-t overnight measurement.