Tony:
I think the output cap voltage will 'pump' up to the input to some degree because there is a rectifier so it is not 'just' about the voltage divider ratio of cap values, however some calibration would be required because there will still be loss in the diode(s). How much loss would have to be compared to the scope measurements and may or may not affect the overall measurement if the input signal is large. The ratio of caps does seem pretty large however, that seems a little too extreme.