Alex, yes, that's the way to go. If it's difficult to guide both hoses at the same time, it can be done one at a time, tilting the engine against the opposite motor mount, the way it's done if changing one water pump.
Packy, I'd like to comment on your locating the hole in the middle: Whether in the exact middle or not, the location of the fitting has to clear both the pump and the radiator. The language wouldn't be pretty if I discovered I'd installed the fitting to interfere with the installation!
