Not quite but Deva is the only actual problem here.
Regarding ST, the other Pains will get caught in that crossfire and leave them vulnerable. Not only, but Pain would have to know how Hakugeki works to think to use ST. Itachi and Sasuke may be able to counter it with susano'o projectiles but they didn't think of that. If Hakugeki catches Itachi off guard, it may be safe to think it'll catch Pain off guard.
It's not BT itself that Kabuto counters, it's what comes immediately afterward. If they drag Kabuto toward them with the intent of using Chakra Rods, he can dodge as soon as BT wears off. Or, if they try to pin him while he's caught in BT, he'll sense it coming and liquefy his body, having the rods go through him. Kabuto doesn't need to focus much for that since he modified his body for that Jutsu. Hell it may not even be a Jutsu, just something he can do on a whim like gathering Senjutsu, sensing Chakra, or covering his eyes with those snake eye lids.