That's not me, but that's pretty much exactly the process... It was pretty common maybe 10 years back - these days there's a huge range of purpose-build brushless motors available from places like HobbyKing.com for such small amounts of money that I suspect _nobody_ of spending all that time to make their own (at least not in the "saving a few bucks for my hobby" class, I think the top end competition guys are probably hand making motors still...)
http://www.flyelectric.ukgateway.net/cdrom.htm