Yep, you've got the idea. One little precaution, when you torque up the rod with the Plastigauge in the bearing, don't turn the crankshaft, or it will smear the Plastigauge all over the place and ruin your measurement. Also, don't be terribly concerned with getting all the plastigauge off after you measure- - - - -it dissolves as soon as oil his it. I like to rub a little clean oil on the spread-out gauge material, and wipe it down with a clean, lint-free rag. That removes almost all of it.
Jerry