Almost. Use 60 grit rather than 35, it's difficult enough to remove 60 grit scratches without making things any worse.
You have a 1x30 so make your blade no more than 4" long, less would be better. If you don't know why I say that now, you will understand as soon as you start grinding.
Edge thickness about the thickness of a dime. the idea is that the edge needs to be thick enough not to warp during the heat treatment.
Sand to about 220 grit, make sure to remove all the scratches from the last grit before going to the next. Stop at 220.
Do the heat treat, your idea of the process is close enough.
For the temper, use 425F for one hour, twice as you have described. 30 minutes is not enough. The higher temp will give you a slightly softer blade and you'll need that for the next step.
After the HT is finished then go back to 220 grit on your 1x30 and try to thin the blade down a little so that the edge is about .020 thick. Once that is done, continue sanding with the belt and/or by hand with finer grits to get your final finish.
DO NOT sharpen the blade until you have the handle on it and the knife is completely finished. Sharpening is the last step ....
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