Dive-
Pretty much. The 24 hours on the water is for the salt to be fully mixed in and to stabilize the PH (oh, and bring the temperature up). There are differing opinions on how long this takes, but as Seffie mentioned, 12 hours is generally minimum, 24 recommended.
After water is mixed and stable, the live rock goes in, and you've got that setup like you want it, sand can go in right behind it...no need to wait 24 hours, unless you wanna take a look at your rock configuration a few times to see if you have it "Just like you want it".
I laugh, because I think everyone on here has moved rock around at one time or another eventhough they thought they had it just like they wanted it. I messed with mine for a week before I got it where it is now. If you do change it once the sand is in, make sure you give it a couple good twists to get it down on the bottom of the tank as much as possible.
Honestly, if you don't have anything on the live rock that needs it, i.e. hitchhikers, softies or mushrooms, there's no need for lighting either as you'll just grow algae. Not necessarily a bad thing, just something easily avoided. On a positive note, algae does go away after it depletes it's food source or is eaten by your clean-up crew so no need to worry about it too much. I put my lights on an 8 hour cycle to start, just cause I wanted to watch the tank in some light and my second batch of live rock had some mushrooms on it so I had to have the light.
Then you're down to the cycle. I've seen some in as little as 2 weeks, and some take 6 weeks. A lot will depend on the quality of the live rock and it's hard to know for sure just what you're getting. The only way to know when cycle is finished is with the water tests.
One other note. Powerhead placement. The goal is to maximize flow in as much of the tank as possible and certainly have good flow over/through the live rock. Any low flow or dead spot areas will tend to grow algae. If you have more than one (and you should) you should direct one at the surface for surface agitation to help with the gas exchange on the surface. This will aide in PH stability.
Sorry, that got long winded. Cliff notes version is you can eliminate "4th" in your steps.
Yuma