We had the same issue some years ago. As the european market, for some reason, has less suppliëren and/or stock of some typical ASME Or MSS SP fittings, we need a bit more creativity every now and then to come up with a solution.
The supplier who did the vessel under which the the reducing flange was placed, made the same solution as you listed, but did the calcs based on ASME VIII-1, and more specifically app. 2 for the flange part. And, as far as I can remember, they also drilled a radial hole into the conical subsection halfway the fitting, to insert a thermowell. It required some calcs, but once you figure that out, the rest is simple. And you can easily make up a drawing and order a pretty straight forward maxhined part.