Best way to do it. The only reason why it was done where I worked was because of the sasser worm a couple years back. Updated systems weren't affected, we had many that wasn't updated and got hit. A high level VP then delivered the declaration of mandatory windows updates upon us all! Of course he's gone now hehe.
using the "notify only option" you can choose to have it "never notify you again" or you can go to windows update and choose the updates you want... pretty simple.