Pretty much what I do. Except my brisket will sit with the rub on it a little longer, until the pit gets up to 220-250.I take the brisket out of the fridge, light the pit, come back in and slather brisket with mustard and apply the rub, then put the brisket on the smoker, which by this time is usually between 120* and 140*
I rub right before it goes into the pit but then I use a little more salt in my rub.