Well...while that does work, I can tell you I've implemented hundreds of Onyx workflows and I have never, ever set one up that way.
It's just a much more cumbersome workflow. (You've got at least duplicate sets of files you've got to contend with for however long you keep them, for instance.) Also depending on creation color spaces, there's a real issue with converting spot colors (other than white) into the final machine space in Adobe products that you're setting yourself up for by doing it this way.
As far as making ICC profiles goes--and I'm assuming you actually know there's a difference in Onyx terminology between a media profile and an ICC profile--you can drop any third party ICC profile into an Onyx media profile. (You're right that Onyx ICC profiles are a nuisance to get to be able to use to soft proof--although it can be done--not to mention that the Onyx ICC profile-making engine is a little short of being the best one out there.)
Once that's done, you can soft proof through that profile just as you're doing now.
Beyond that, in order to print a spot color in Onyx, you do have to be using a media profile that has a spot color defined, and that spot color has to match the defined spot color in the file. You can, however, do this with "All Profiles Off" you just have to select the proper media. (By the way, although this 'can' be done, I strongly recommend to all my clients that they never do it.)
Note too that for the most part at this time, most of the printers who are using white have their own workflows and their own techniques. For that reason, they're typically generating the white printer--spot in particular--themselves, in Photoshop or Illustrator. And since they're creating this step in house from large-format friendly applications, there isn't a lot of reason to bother with a pdf.
Of course, what you're describing sounds like a flood fill white, and if that's the case, you don't even need to create it in the file. You can create the condition in Onyx and then create a Quickset for that condition.
Finally, unless this is a t-shirt machine I'll assume this is large format you're working with, and I'll just toss in that if it is, you might want to consider some other originating application than Indesign.
What I'm suggesting is that it might be a good time to examine your overall workflow, rather than just looking for a solution in Acrobat.
Mike Adams
Correct Color