Almost.
You missed out the bit where you have to check the retrieved files to see what they are, to rename them accordingly, and to see which ones are corrupt. For videos, that probably means watching them all the way through....

(Just so you don't get your hopes up, you should expect a reasonable amount of corruption, and you're unlikely to recover all of the files.)
You also missed out the bit where you create a backup of the files you transfer to the rebuilt Xbox, so that if the drive fails at sometime in the future you can build a new one......
