P2V - OEM Windows OS

So here I am up at 4:00AM on a Sunday morning having spent the past 4 hours on the phone with Microsoft Licensing/Professional Services/Partner support only to confirm what various google searches tell me that the OEM Windows key must die with physical server.  In a nutshell, this is what needs to happen in order to my virtualized copy activated.

1)  Get VLK media
2)  Get VL Key
3)  Boot VM to it
4)  Select option to install Windows
5)  Select option to repair it (note this is not the recovery console which is what you would get if you selected "r" on the previous screen.
6)  Next > next wizard and type in your VL key

Reboot and we're done here.

PS - This was on server 2003 standard