Is this as effective as a security measure as MAC filtering?
yes, as effective. Both add zero effective security.
to make sure I do not make a security mistake.
Using mac filtering as security is a mistake. MAC addresses are broadcasted unencrypted. Everyone in range or your access-point can learn the MAC addresses used. Everyone can emulate those. It adds zero security value.
In non computer terms: Think of it as trying to pass a security check. You can hear every person in range.
You: Hi, I am Ed, can I pass?
Reception: Nope, I will ignore you.
Next person: Hi, I am Jane, can I pass?
Reception: Sure Jane, feel free to pass.
Obvious next move: Ed move to the reception and states ":Hi, I am Jane, can I pass"..... and you are in. Just wait until Jane is out of sight.
No security at all, only usable to help neighbours from accidentaly from connecting.
As to disabling DHCP servers. Static IPs will still work. So no added security.
Which means both add equal protection: None at all.