Nice post. I've always been curious about lapping but never read the opinion of someone who's ever had a lot of experience as yourself. The technique sounds good, although I have a hard time visualizing the procedure. I'm not that exerienced in a machine shop, although I wish I were. I've got a decent understanding of woodshop though.
I think someone should sticky this guide, and perhaps someone can provide visuals to help to understand the method, for those of us who aren't all that experienced with lapping or machining.
Thanks Galvanized.