I'd put this ad as risky, but it appears the John Gregg campaign has begun to try to define Eric Holcomb as Mike Pence.
In the first ad this campaign to mention Holcomb's name, Gregg's camp successfully shows why it's ok to think of Holcomb and Pence in the same thought stream.
Define your opponent before he can define himself is one of the oldest tricks in the book, and, in the absence of an ad to defend himself, the ad might just be effective.
It's a bit risky because it does mention Eric Holcomb's name and show his picture, but I think it's a risk Gregg can take at this point. Might as well go for the win while you can. That's exactly what this ad is doing.