Thats a good way to do it, but I no longer follow that procedure.
I start with a normal oil/fuel mix (40:1 or 50:1)
tape something around your grip under the throttle so it won't go past about 3/4 throttle. It's a fool proof limiter that ensures that you don't go WOT.
I'll start the ski, let it warm up as I'm blipping the throttle on the trailer in the water. Next, I ride around up to about 1/4 throttle for 10 minutes, then 1/2 throttle for 10 minutes while blipping the throttle constantly. Come in and let it cool for 30 minutes and repeat. Once I get to about half a tank, I remove the limiter from the grip and do the same thing only with WOT blips for no longer than a second or so.
Once the tank is empty, I'm into it! I think the most important thing is the heat cycle of letting the engine warmup/cool down properly. I've run my last 3 engines in this way and have had zero problems. I'm not saying it will work for you, but it works for me.