Bed to frame bolts, Part I

[thumper56]

Ready to make my bed on the 56 short box. I have some rough sawn cherry that's been drying for ten+ years- so decided I'd mill some up and put it to good use. Planed, sanded, and grooved it up and applied some marine varnish. Painted the bed rails and bolt heads the same as the body (50's GM Seafoam Green). Put the 4 center boards on the sills with bed front, and by golly, beauty being in the eyes of the beholder- pretty darn sexy!

Now for my next boards- Just ordered bed to frame bolts with off centered flat washers which brings me to my question...

Since the washers are punched off center, I am thinking that my process on the lumber must go as follows
1) carefully mark where bolt holes need to be, but do not drill them yet as I need to make the washer recess first (being off center).
2) place the eccentric washer's hole over my mark and trace outer diameter of the washer.
3) Use a fostner bit ( about 1/8" larger) to cut a recess the thickness of the washer.
4) Drill hole for bolt (again about 1/8" oversize).

Just asking if I am correct from anyone else who has done this, any hints welcome!!! Hardwood ain't cheap, and already have a lot of work in these pieces.

Thanks much for your time and thoughts.