Does this on-line backup strategy work?

[Anker Berg-Sonne]

I'll appreciate if someone will look at the following on-line InnoDB backup strategy for my repository data base and let me know whether I have it right?

I have transaction level to COMMITTED-READ for the server and also binary logs enabled. All tables are InnoDB.

Backup:

show master logs
mysqldump --user=root --password=whatever --single-transaction --verbose repository --result-file=D:\MySQLDataBackups\Repository\Repository.sql
show master logs
purge master logs to <the first log that isn't in both show master logs listings>

Recovery:

<shut down server>
<save the binary log files>
<start server with network turned off>
drop database repository
create database repository
mysql --user=root --password=whatever -e "D:\MySQLDataBackups\Repository\Repository.sq"
mysqlbinlog <all the saved binary log files>
<shut down server>
<start server with network turned on>

I also plan to set up a replicated server as a hot standby.

Thanks in advance/Anker