Hi Ralph: Your method is IMHO an excellent way to fire it up. When I did my CTC-4, that is how I did the initial turn on, and still do, as I have yet to install a surge limiter.
Pulling the HOT is a way to protect the HV circuits, if one does not have the correct resistors to "load" the B+ to the deflection circuits, but I wouldn't want to leave the thing powered up for a time longer than needed to find out if the set will smoke. With a 5, damage to the power supply is not as much of a risk with the 5U4's as with selenium rectifiers. The tubes can "take it" for a while.
I am going to get my 5 cabinet out of storage soon, and fix the CRT shroud (gallons of corona dope and reams of sand paper). The chassis is done, and I am lucky to have a good 21AX.
Best of luck with the power up! Let us know what happens, good, or (I hope not!) bad.
Kevin