I do it like you have said, except that I start with 4 and increase or decrease from there in increments of 1 or 2.
The short answer to your question is yes. Setting CV2 is done exactly as you have described. It can be done by "programming on the main" pretty easily.
Joe
I'm just starting out with DCC programming. I know you set the starting voltage with CV#2, but what guideline do you use for a value? Do you start with a value of 1, test it by running the loco and setting the throttle to speed step 1, change the value again, test it again? Is the idea to keep changing the value until the loco starts to move at speed step 1?