For FTM this is probably the the best alternative I've seen, when you don't want the location or patronymic name to be indexed as a surname.
As an aside I would note the location as a RESI tag with the date of the fact and the place including the farm name.
Since in the pre-1924 rural Norway a person called Olav Thorsen Hafsted (or Brigette Thorsdtr Hafsted) we know that his "given name" is Olav (hers is Brigette), their "patronymic name" is Thorsen, and their "current residence" is Hafsted.
My question to @BillHarvey34 is what do you do with "Thorsen" it is not a surname, nor is it a "middle name". Would you place this in the suffix as well? Or pretend it is name that just follows the given name? Or not include it at all because we know that Olav Thorsen and Brigette Thorsen had fathers named Thor and we can see that by looking at the father's record.
My solution does not work in FTM.