That's pretty much right. When I loosen the adjuster screw I like to back it out several turns and spin it in/out a bit to get a good feel of just how much resistance just turning the screw is. This helps you feel just when the resistance begins to increase. I have found this to be very important on the adjustment.
Once I get to this spot I use the flats on the lock nut to determine how much I back it off. I turn it one flat of the nut, one sixth of a turn.
I then adjust the lever for about 1/8 inch play. I do this by holding the housing of the cable with my right hand and gently pulling it away from the perch as I pull and release the lever, watching how much the housing moves as I do this.
This adjustment, a well lubed cable and worm mechanism, gets about as good as it can get.
Engine oil to lube the cable, use the funnel method as described in the book.
Grease for the worm. Take it apart, clean then grease with new grease. I like the grease I have in my grease gun.
Leo