Isn't just steps 1 and 5 all that is needed. Step 1 being very important.
It can absolutely cause some heartburn if you change your mind with the risk of Photos entering a state it doesn't know how to get out of. You're able to create a replacement library, but Photos freezes when attempting to set it as the system photo library, preventing its use for iCloud Photos. The only fix at that point seems to be creating a new user account; even Photos's "recovery mode" doesn't work.
Did it once and it didn't happen. Did it again and it did.