Went through the instructions as posted
Coupla things of note:
1) Phone had previously been activated, no problem coming back up and getting on the network
2) Tried to have update.zip on external sd card, did not recognize it there
moved update.zip to internal/usb, rebooted into recovery and it found it fine
3) After update installed, phone came up as if it were the first time turning it on... took a few seconds longer and had to re-attach it to google account
4) Titanium backup complained about su binary permissions and fixed them, but otherwise didn't have any problems running stuff as Superuser.