basically yeah. except i dont use hairspray, i use water (will try hairspray in my next vehicle).
#1 : basecoat your rust color.
#2 : spray water on the model
#3 : apply salt. I've personally let it dry, and removed some after (otherwise it could be overdone and fugly).
#4 : spray topcoat
#5 : wait a good while until its completely dry (even if it seems, let it sit some more)
#6 : brush the salt off. might need running water (melt the salt, making it much easier to remove).
Here's the final result (so far)