The Netweasel,
Your approach is good. Pulling out the ethernet in order to break the internet connection is what I would do also as with some driveby installs the computer is slow to respond thus disabling the network connection through its "connection icon" might take a huge amount of time or even fail.
I just would like to add one thing to your guide ...
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At this point I would feel that my computer was probably uninfected and safe to use, but I'd still keep an eye on it for several days, looking for odd behavior or unexpected Internet activity.
At this point I would suggest seeking help on one of the various forums in order to make sure that my computer is clean. Infections can be complex and for the people that are not really savy or skilled it might be hard to tell by themselves if some underlaying activity isn't still occuring. Examples are a rootkit, a nasty bot piloted by a C&C, file infector such as virut.
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If all else fails, of course, there is always the "reformat-the-hard-drive-and-reinstall-the-operating-system" option, but that is rarely necessary since I keep my eyes open, try not to visit dodgy web sites, and take quick action if and when one of these obvious attempts to infect me should occur.
That's why when I install an OS I create a complete image of the harddrive once the initial setup done (without going on Internet and with all updates installed). Then regular backups of my personal files. It only takes me 8 minutes to reimage my harddrive in case of glitch ... 8 minutes .. even an antivirus scan isn't that fast. As for not trying to visit dodgy sites ... that's not completely true anymore to keep you safe since advertisements are present on every single website. People got redirected by visiting travel agencies, newspapers, storage websites, myspace, hotmail to name only a few.
I hope this small paragraph satisfies your request for critisism.