That seems like a good approach. Still, it doesn't seem like the rendering code or the Store code could ever really be worked with in isolation. As I said above, picking a coupling boundary is like picking a poison. They all seem to suck for different reasons; I just personally tend to choose component boundaries.
I'd recommend starting with the application as an abstract entity: start with the state and not think about the UI. Once you build a data-model and action scheme from there, working a de-coupled UI is usually simpler.
