I would tweak your steps just a bit. Step 2 just loosen the bowl nut and drain the carb bowl into a rag, DO NOT REMOVE. I personally don't see a reason to put oil into the cylinder, but if you want to do that, I would put the piston at BDC and then I would use a spray like WD-40 or Power-Lube. The spray would better coat the cylinder. The only thing I would add is while the oil is hot drain it and store with fresh clean oil.