[Flyin' Hawaiian]

You got it right on Square! I'd only do the last step differently, and that's to tighten the distributor bolt before turning the engine off, and check that the timing hasn't changed from tightening the bolt!
And Psionic, I'm not sure if this will be correct for your model of Supra, but it should be very similar:
http://killerworld.com/~james/supra/
Chris