That is exactly the gist of it.
Couple of comments, which may assist further.
ALWAYS rotate the engine FORWARDS while setting the timing (and the magneto 'backwards', since that is how it operates).
This prevents all your backlashes accumulating.
The success of this depends on the quality of the fit of the sprockets to their tapers (if they don't have keyways), so checking the taper fits has some bearing on reliabiliity.
Tapers can sometimes be ground to a better fit using valve grinding paste, if needed.
And when finally fitting them up, a LIGHT tap with a hammer can ensure a good strong fit to theiir tapers.
CDouble check also that your advance/retard lever works as you suggest, it is possible to have them work the opposite way.
And ALWAYS check that the spark is where you expect it to be when all is done, it is sometimes possible for something to jump out of position in the process,
which can make life miserable until you figure this out...
with reference to fully advanced, is this set with the advance lever fully open, and buy closing it one would retard the ignition.
also, before connecting the the chain do you set the points to just opening with the advance lever fully open and the piston 5/8" btdc.
Not had any experience with advance/retard levers.