In outline, yes your workflow is correct.

Some tips:-

Make sure that you are starting at a fully zero pose. Not all figures arrive in the scene fully zeroed although some are pretty close which can cause confusion. Best to turn IK's off prior to zeroing a figure.

Yes generally parenting the cloth to the hip is a good idea. In this way should you wish to reposition the figure to another part of the scene the cloth and its simulation will move with it.

You'll see an option to "drape", this effectively does the same thing you are doing but you do not have access to the drape frames just the end result. I tend not to use it.

For a more complicated pose you may want to do it in two stages.

Hope this helps.