That's pretty much how I do it. But, I try to dry in small batches where I can just lay them out on a sheet pan. It only takes a few days for most herbs. For large batch harvesting (like lavender), I don't bother hanging, I just gather into a grocery bag and sit them in the garage. Without the bag (paper) you will end up with fallen dried herbs all over. The ones that do best without falling seem to be rosemary and bay. Good luck.
"...To undersalt deliberately in the name of dietary chic is to omit from the music of cookery the indispensable bass line over which all tastes and smells form their harmonies." -- Robert Farrar Capon