%error

I'm writing an RPGIV program that may or may not have to create a PF.  Can I 
use %error on a %open statement to establish whether or not the file exists?  

Something like this is what I had in mind...

(psuedo-cpde)
f MYFILE    uf a          disk  usropn

 /free
   command( OVRDBF... )
   %open( MYFILE );
   if %error() ;
     command( CRTPF MYFILE ... );
     command( OVRDBF... )
     %open( MYFILE );
   endif ;
 /end-free

Will this work?  Am I even close?

TIA,
Joel