Your intended procedure is how I do my Excursion, which should be the same as the SD. No need to deal with the hubs since the rotors slip over em. Use a plate or block of wood and a large C-Clamp to compress the caliper pistons.
I would also be careful about what rotors you use as replacements. The factory units are notorious for warping. I replaced mine with the ART units, and they seem better than Ford's.
Next time, I'm going to use Performance Friction two piece units. ART uses Performance Friction pads when a customer orders them, and they're the onl;y pads I use.
Regards,
Joe