The two prerequisites to introducing the first 2019 or 2022 domain controller are that domain functional level needs to be 2008 or higher and older sysvol FRS replication needs to have been migrated to DFSR
https://techcommunity.microsoft.com/t5/Storage-at-Microsoft/Streamlined-Migration-of-FRS-to-DFSR-SYSVOL/ba-p/425405
Yes, your plan sounds good. You can also check in between steps in case some cleanup were necessary to remove remnants of demoted one.
https://learn.microsoft.com/en-us/windows-server/identity/ad-ds/deploy/ad-ds-metadata-cleanup
https://techcommunity.microsoft.com/t5/itops-talk-blog/step-by-step-manually-removing-a-domain-controller-server/ba-p/280564
It's also recommended to confirm domain health is 100% (dcdiag, repadmin tools) before starting and precautionary in between steps.
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