^^^ Almost.
Steps 1--4 are perfect except to start with buying two, 12-quart cases of trans fluid and a correct trans filter (and gasket if needed. The newer GM gaskets are reusable and better than the cork ones commonly sold in the trans filter kits.)
Half of step 5 is good. Once the fluid sputters into the pail, stop the engine, REMOVE THE TRANS PAN, CLEAN THE PAN AND MAGNET, AND INSTALL A FRESH TRANS FILTER. REPLACE PAN, ADD 5 QUARTS OF FLUID. OPEN ANOTHER TEN QUARTS SO THEY'RE READY TO POUR.
START THE ENGINE, ADD MORE FLUID AS FAST AS YOU CAN POUR IT IN THE FUNNEL.
WATCH THE FLUID COLOR SHOOTING OUT OF THE DRAIN HOSE. WHEN IT LOOKS VIRGIN-NEW, SHUT OFF ENGINE. You've replaced 95% of the old, depleted trans fluid AND the trans filter, AND removed all the grit from the pan.
RECONNECT TRANS COOLER TUBE.
START ENGINE, ADJUST FLUID LEVEL AS NEEDED.
POUR OLD FLUID INTO EMPTY BOTTLES FOR RECYCLING. Screw the caps on tight so they don't leak in your vehicle on the way back to the recycling station--which is probably the parts store you bought the fluid at.
HAVE A CELEBRATORY BEVERAGE. When you've recovered, return the unused quarts of fluid and the old, recyclable fluid to the parts store.