Yup, pretty much. But I'll add that if you want it to be trouble-free, don't use those horrible t-tap connectors where it clamps around the wires and pierces the insulation. Do it right with a crimp connector followed by adhesive heat shrink and you'll have a trouble-free connection for years. Also, if possible don't break into your chosen circuit right at the key switch. Give yourself several inches to work with, that way if you ever need to repair or add to the wiring you got something to work with.Find a switched hot wire from the key switch. Tap into that to your hour meter.
Ah yes, good 'ol Add-A-Circuit. Forgot about those, that is an even better option than cutting into the factory harness! I use these on just about every truck I own and have owned in the past, they work great.Probe in the fuse box for a circuit that's only hot when the engine running (or key ON) , then use one of these "add-a-fuse" things, you just have to determine which style fuses you have: