Yea that should work. i would create a list since you can add and remove from lists at will(adding or removing any number of buttons you need as you go). and put something together kinda like my example and it should work just fine. the button class you have looks set up pretty well.
there are some great examples of how to do a menu system out there for xna. a good one is at xnagpa, in his rpg tutorial(the one i think i modeled the example after if i remember right). he also has a lot of menu control items. and as someone mentioned earlier in the thread at the app hub resources the Game State Management Tutorial has a good menu and input handling system in it.