Your question seems to asking about saving time on a new installation more than how this is done.
So to answer it honestly, no it won't really save you time since you have to go to the Microsoft Update Catalog and search for and download the MSU for each individual update for your pc.
Then build your disc.
Which is
more time consuming than doing it "the old fashioned way", since the time you'll save on installation will be offset by the time it took you to search for, download and slip-stream everything anyway.
The only real benefit in taking the time to do this is after its done, it will make future installs faster and easier.
But even then it's still faster and more efficient to just install windows and do all the updates, then create an image of the installation with something like
Acroni True Image or
Macruim Reflect. (Macrium Reflect is free, I prefer Acronis)
You can restore an image of a clean install with all updates WAY faster than installing any slip-streamed disc.
So if you're just trying to save time on this one format / install, then its not going to be any faster and actually take longer since you have to hunt down the Knowledge base number for each of your updates and download/slip-stream all of them individually.
All you can do right now is prepare yourself for future installs to be faster and more efficient.
BTW: Either way you do it, you'd have to constantly update your image to keep "up-to-date"
I can guarantee from experience, that as soon as you create your new disc or image, Microsofft will release several new updates and you'll have to download
and install some anyway once you hit the desktop with your clean "updated" install.