I've done it a few times, and yes you are correct. Drill and tube your blank first. Shape it down to size, do some of the sanding but not all. Then soak it in the beach till your happy with the affect. Take it out, rinse if you want I don't, and set aside to dry. The bleaching and rinsing will raise the grain a bit so you'll need to do some sanding. Good luck, let us know how it worked.