Yes, that's roughly correct, although I find his model interesting in that he directly addresses the apparently "strange" order of creation events in Days 1-4 (for example, the sun after the plants). Obviously, to anyone who holds firm to a 144-day creation account, it will still sound like a stretch.
I'm not sure what quoting Exodus 20:8-11 is supposed to communicate. After all, God chose to use the language of days in order to describe His creation account. Whether His days were literally 24 hours long or whether they symbolized longer time periods, it is still entirely reasonable for Him to use that day language to justify the institution of the Sabbath.