I have a Rumpus Room (alpha v.1) next to me. It is a bit varied than above, as I am short of rum. Fortunately, I have plenty of rumpus.
I think I did 3/4 rum, 3/4 lime, 1/2 oz (short) patron orange (like cointreau). I shook and served up. The splash of bourbon is brilliant, if I may say so, and the grenadine sinks to the bottom, forming an attractive bright red poolette.
However, I think this would be better, and more in theme, as a highball. Shake, pour over ice, fill with soda, and get some of that grenadine to color it up. The boubon will stick in the cubes at top, forming a nice brown bourbonsmog at top.