Pretty much spot on. I will say that you need to allow any paint to "flash" between coats or you might end up with die back as the solvent eventually escapes and the paint shrinks back. Read the can for the amount of time required to let the solvent flash off between coats. Doing so will greatly reduce the chances of having runs.

I pretty much spray 3 coats: light, medium, and full wet. The full wet coat is where you run into run problems but it also is what reduces orange peel (IMHO)