That's pretty much correct. We usually have 2 or 3 people to step the mast. We start with the 2x4 outside on the ground at the transom, then slide the mast back and get it hooked up. Then one or 2 people lift from the cockpit to get the 2x4 from the ground into the cockpit. Then we tag team lifting and scootching it forward. Once it's as far forward as we can get, one person stands on the cabin top and one in the cockpit. We lift and push. Once it's up, someone stands in front of the mast and pulls on it to keep it in position while the forestay is attached.
We don't really worry too much about side-to-side movement. Even with just the 2 of us, we can usually keep it pretty straight.
I've seen better ways to do it, using a gin-pole attached to the mast and the main-sheet blocks attached to the forestay. As we get older and loose the ability to get our kids to help, we'll probably try that. We do have a strange setup for our mast step (a build by a previous owner) so it may prove a little more difficult for us). There's a bunch of videos on youtube showing people's setups.
