yep that looks good steve
I still use chmod 755 or 644 or similar for ownerships (depending on what you want to do) even though it might be the 'old' way
You can do it all from your current location as well, I think its a bourne shell variant on the mac so auto tab completion should work. If you go to a terminal and type the first couple of letters of the directories that it is in and then presse the tab then it should give you the path (or if there are many with the same starting name it will cycle through them with each tab press).
once you get into the directory with the file just add the ./filename to the end and if the permissions are set correct it will execute it.
In command terminal:
obviously replace with your own details
not that beneficial here but just a different way of executing a script without having to move into its location