I was doing that at first, but once he grew wise and began stuffing it with sHP's armour and jumping over it, the matchup became a LOT harder. It's literally a guessing game once he gets close and I hate it with a passion.
Haven't been having too much trouble against Bison though; once you make a few hard reads and establish Frost Touch and V-Skill as a counter to his random buttons, they'll often back off and make it a lot easier for you to regain momentum. HP Frost Touch beats both Skull Diver and Devil's Reverse handily as well, which makes dealing with those moves way less of a pain.