Yes, that is correct. However there would have been a simpler, yet identical way; your steps until the bjam call are automatically done by bootstrap.bat
:
C:\boost_1_52_0> bootstrap.bat mingw
Building Boost.Build engine
...
C:\boost_1_52_0> b2 toolset=gcc
If not explicitly specified, the libraries will be placed into the stage\lib
directory, include path is the installation root. To test the installation, you can use the example from Link Your Program to a Boost Library.
References: Installation, Prepare to Use a Boost Library Binary