Yep, you got it. You could probably skip the first step of unrooting, since it shouldn't keep regawMOD from doing it's thing...but it wouldn't hurt I suppose.
Alternately, I would strongly suggest running lazy panda to get S-OFF while you can. As of right now it only works with the first hboot revision (which it sounds like you have). You may never update your hboot, but if you do (accidentally or otherwise) you will have to wait for it to be cracked to allow S-OFF. If you do it now, it's permanent and you won't lose it in future hboot updates if you accidentally take an OTA. In fact, with S-OFF you wouldn't even need to use regawMOD. You're already rooted so all you would need to do is run lazy panda and then download goomanager from the market to install TWRP. That would give you the ability to flash literally anything, including stock rooted roms and firmware every time an OTA is released.
Sent from my EVO LTE