They're reasonable in a self-interested net-negative game-theory kind of way, yes. But that doesn't make it a good idea for society.
I'm pretty sure that the Luddite's were at least partly concerned with potential for the further exploitation of unskilled labour (in the case of mills at the time - child orphans). I don't think it would be fair to paint them as simply self-interested.
I'll never not find it ridiculous when people mention game theory in the topic of "luddites" not wanting child labor and what not