Wow, Duke, you just jump right in the deep end of the pool, don't you? Cheddar can be one of the more intimidating cheeses, so most people start out with something simpler - queso blanco, cream cheese, cottage cheese. As you are starting out with cheddar, I'm sure you'll be sailing into even tougher seas pretty soon in the future. I look forward to hearing about your adventures.
Your procedure sure sounds right on. Can't wait to see pictures and hear about how things go with the rest of the process.
Cheddar truly is an all-day event. When I make it, I usually start out at about 6 am and plan on it occupying my entire day, more or less.