That sounds wrong to me, or at least different than how I do it. I mean think about it, what's the difference between the procedure in your post and edging other than not ejaculating at the end?
I think the right way is to:
1) Maintain an 100% erection as much as you can and stroke almost as if you're masturbating. However, much like edging, you should not touch the glands or frenulim. Rubbing the top of the head of your penis also is recommended for stimulation.
2) As you rub your stick, try to reverse kegel as much as you can. This will rush blood and increase the bloodflow to your penis, increasing the size and thus "balloon" your penis.
3) Keep rubbing and reverse kegeling until you feel an ejaculation coming. Then, much like edging, stop and wait a bit for the ejaculate to calm down. Repeat the process until you've reached the time you want to stop at.
4) Do not ejaculate throughout the exercise or after. Give it a few hours before you ejaculate again. I would recommend just waiting until the next day, that way you can actually gain control of your sex drives and you'll have a more powerful ejaculation and orgasm the next time you ejaculate.
If you want more information on reverse kegeling, go here:
How to Do Reverse Kegel Exercises - a knol by eHowKnol
It's a bit weirder than normal kegeling, but if you can already do a normal kegel well then it's just a matter of understanding how it works, just like how when you were trying to feel what it felt like to clench your PC muscle when you were first doing normal kegels.
If you're still unsure if you're doing reverse kegels right, then first think about normal kegels. What do you do with a normal kegel?
1) You tighten your PC muscle. If you were to try to pee, you can't because the PC muscle is tightened.
2) Your butthole tightens too. If you were to try to fart, you can't because it's tightened. A lot of people actually use this to keep themselves from farting in public and they actually don't know that they're really kegeling. (Funny how butt related stuff sounds funnier than a penis in a penis enlargement forum...

)
Now
reverse kegels would be the exact opposite. (Psst, the keyword is REVERSE!)
1) Your PC muscle actually loosens. The blood rushes through your penis easier. Peeing isn't likely, but it's possible if you're really filled up.
2) Your butthole loosens. You may realize it feels familiar since reverse kegeling uses the exact same muscle movements as when you fart. It's also the exact same muscle movements when you're trying to poop. (Yeah, when you're trying to squeeze out a disgusting log. Seriously.) It's a lot more common to fart and pooping isn't very likely, but it's still possible so know when you gotta poop and do your business before reverse kegeling. But yeah, if you feel like you're doing your business and the bloodflow is going through your penis, you're doing it right. Note you don't actually need to put so much muscle into your butt as you would normally do when you're pooping. Just enough to get a lot of blood flowing into your penis.