I've never used cinder for aeration, perlite has been my weapon of choice (it's my cheap local option). So I can't answer your question 100 percent... But I've done 50/50 compost and perlite alongside a even part peat moss/compost/perlite, and a vermiculite/perlite/compost mix. And then I had a fourth plant that was just in mushroom compost and perlite. They were all headband 818...it was when I was first getting into making my soil mixes and I was doing some side by sides trying to see what worked best. The even parts peat moss/compost/perlite mix worked best overall. The mushroom compost one had the best tasting bud...the vermiculite mix had the most deficiency problems. The 50/50 compost and perlite didn't do bad but the root growth was better in the peat mix and the overall growth rate and ultimately yield. Bud quality was still the same though!
Long story short...yea I think it would work...but I think you would benefit from adding some peat moss or coco coir to your mix. The compost on its own can compact a little too much.