In essence yes, but I will be more detailed just to be sure we are on the same page. I always start from in the magazine and go as long as possible to establish my OAL and record that CBTO*. If I am having a chamber cut I'll send in a dummy round of that CBTO and ask for a 20K jump to the lands. Obviously, at this point I am already seated as long I can in my mag and playing with seating depths will only increase my jump as I seat the bullet deeper in the case.
However, if your chamber is already cut you don't have that option. But you still need to know your CBTO from a mag length OAL and you still want to know where your lands are. You have two choices to find out where your lands are; you can use an OAL gauge and modified case or field strip your bolt and follow Alex Wheeler's method. I find that his method is more precise than the OAL gauge.
*I should not assume you realize the ogive is different between a 162 ELDM vs a similar weight bullet in say a Berger or Nosler. Which is why you have to use the same bullet when setting all this up.
Hope that clears things up