Hello,
vmxmr steps look good to me, very thorough write up. Do not skip making the backup, the best backup is not local (eg. external disk)
Personally I would use menu option "File -> Open" for step 4, but I suppose the drag would be good too (I honestly have never used that for opening a VM so I learned something new, thanks vmxmr )
Then between step 4 and 5 I would take a snapshot so that there is less chance that when things don't go as planned that I have to copy from the backup which is a lengthy process.
So before you change anything or before you boot up the VM, take a snapshot.
Reminder: a snapshot is not a backup, but it gives an easy way to test and try.
--
Wil