It's a little more than that. This document gives a bit more insight: http://www.datastax.com/documentation/cassandra/1.2/webhelp/#upgrade/upgradeC_c.html#task_ds_gqm_vzr_ck

In addition to your steps:

* Run `nodetool drain` on each node before restart the upgraded node. I don't think this *really* applies to us, but lets do it because it's recommended
* Run `nodetool upgradesstables` on each node before doing the cassandra shuffle :dancer: because it uses the raw sstables and will throw errors if they aren't upgraded to 1.2

I have documentation locally that I'll put in the ticket once I validate the shuffle (sometime today). I also have tips for ensuring things are going swimmingly and known when it has completed.