You are right, but I'd say step 4 is wrong.
http://chevy.oldcarmanualproject.com/shop/1948_51truck/51ctsm0620.htm

Unfortunately, the 1954 manual does not use the same technique (no use of vacuum reading).
http://chevy.oldcarmanualproject.com/shop/1954truck/54ctsm0652.html

The 1947 manual is more like the 1954 manual.
http://chevy.oldcarmanualproject.com/shop/1947truck/47ctsm0648.htm

Here is the carburetor/timing tuning technique that I use. It can be argued that this is not optimum, but it is close enough and it is easy.

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.