This sounds perfect! Not only does it make a lot of sense from my point of view (when going over some of the 1.11.1 bug reports, even though I obviously can't tell how much they would affect EMC) but also from a players perspective: this way the controversial bow changes will be postponed and give players some time to 1) Enjoy the new features. 2) Stock up on GOD bows Win-win! Thanks for the update!
According to what I read so far: it will still be infinite (both when shot from hand or from a dispenser) but it will be used up when you try to use it on an Elytra (to propel you). However, safety measures will be put in place to prevent players from using up promo fireworks.