Applying TR5

I've got a 7.1 system that's about two years behind on PTFs and I need to bring it up to TR5. Can that be done in a single pass? From what I've read here and elsewhere, while that single pass may be lengthy due to a couple of intervening IPLs, it seems like it's basically this:

1. SAVSYS
2. Apply all groups, IPL
3. Apply TR5, IPL
4. Apply cume, IPL

Also, IIRC in order to apply TR5, I have to also permanently apply the MF PTFs somewhere, perhaps between steps 2 and 3?

Does this seem about right?

Also, I seem to remember that if I have a good relationship with your BP, I should ask them for a respin just to have TR5-enabled media.

Clearly I've been out of the loop for a bit. Any help would be most appreciated.