I think you only need steps 3 to 6 if you want a fully portable system (ie plug the HDD into another computer and shift/itunes to the .itl file on the HDD and see everything on the HDD).
I don't need that, so my .itl file is on c: and stays there (10 years ago it had to be on C: for my AppleTv boxes to find it for homesharing around the house - don't know if that's still a requirement, ie homeshare didn't used to work if the .itl was on an HDD - probably still doesn't).
All my music/films is on HDDs
E:\Music\iTunes\iTunes Media\Music (Music)
J:\Music\iTunes\iTunes Media\Movies (Movies)
K:\Music\iTunes\iTunes Media\Movies (TV Films)
Start-up iTunes (no shift key) - finds the .itl on C: and opens up...
then Edit/Preferences - set music location to E:\Music\iTunes\iTunes Media\ (I have set iTunes to "Organise my Music")
abort the media check and don't allow it to "Organise" either (no idea what it would do - just that i don't need it!!!)
And all works... iTunes finds everything on the HDDs.
If I import new music it puts its straight in the correct music folders on the HDD, I don't have to do anything else.
For new movies it initially puts them on E: , which I then move outside of iTunes to J or K using explorer, obviously keeping same file structure.
For one or 2 films just use the "Locate Media" option when i try to edit or play them - but once located the .itl remembers the full file location and again it all works.
For larger volumes of films i have written some VBA/VBScript that for all films in a playlist changes the location to J or K depending on the option i pick... (I import all new films into a playlist, move them in explorer to J or K, then run the vbscript which changes the E: to J: or K:)
The only annoying bit, as I said, is the media location keeps changing back to C: when i close iTunes and reopen!
If you don't want fully portable, that might cut out some of the steps... (if you do want it, just copy the itl to the HDD before you unplug and make sure the HDD has the same drive letter on the second PC)
{i probably could have simplified this message to "Leave the .itl file on C: and put all media on the HDD - they don't have to be on the same drive}!!!