That works too but the nylon insert lock nuts are easier.When I make the pivots on any prop I build, I always use the [Nut-Lock Washer-Nut] combo on EACH SIDE of the moving part.
I tighten the first nut loosely against the moving part, hold it in place with some needle nose pliers, then add the lock washer and the second nut. Tighten the second nut (while holding first nut in place). Then repeat on other side of moving part.
I've never had one come loose yet.