Change were a subscription is "homed"

I'm looking for a little confirmation on reconfiguring an Azure subscription and Azure AD.

Current Configuration
- Azure subscription via a Microsoft Account (e.g. mike@hotmail.com)
- Production assets running in Azure
- Azure AD via Office 365 (e.g. contoso.onmicrosoft.com)
- DirSync is enabled

I would like to get to a state where the Azure subscription is "homed" under the Azure AD tenant/directory (which originated with Office 365). In the end, I would like to be able to log into the Azure management portal using the Azure AD credentials. It would be great to access the Azure portal using https://manage.windowsazure.com/[tenant]. Basically, I want the subscription to use Azure AD credentials instead of Microsoft Account credentials.

As I understand the steps, I would need to do the following:
1) From the Office 365 admin portal, add the Microsoft Account of the admin for the Azure subscription (mike@hotmail.com). The user should be set as a Global Admin of the directory.
2) Log into the Azure management portal using the Microsoft Account. Add the Azure AD user (e.g. admin@contoso.onmicrosoft.com) as a co-admin to the Azure subscription.


Are the above steps correct? What else is missing?