For starters, I'm tower and rescue climing certified, I used to own a company that had lots of equipment up on cell towers, and occosionally I had to climb the towers myself so I had to get the certification or the insurance companies wouldn't let me touch the tower.
That said, I use primarly the same procedure you just outlined above when I go up the mast. I normally go up with just a black diamond climbing harness, however the chest harness that Paul mentioned is a nice addition. You can make a simple chest strap out of webbing that goes around you and under your arms, ties to the main halyard. use a small line crossed from the front right to the back left over your shoulders and vice versa to stop the webbing from falling down.
I always keep the rope clutches closed and locked on the main and jib halyard when ascending the mast, having someine crank me up using the halyard winch on the main halyard, and pulling the slack out of the jib halyard.
If your shackles are not spring closed, or screwed together (and tightened with pliers), ALWAYS tape them shut to prevent accidental opening and release.
as for the halyard size, OSHA requirements require the line you are suspended from be rated at 5,000 pounds or higher. If you use Sta-Set X for your halyards, anything smaller than the 3/8" line is not safe enough for OSHA standards (important to keep in mind if you are sending a paid crew member up the mast).
Additionally OSHA requires a fully body harness (aka chest and shoulder straps) for those heights, so anyone racing with paid crew, you may want to cover yourself legally and buy a full fall arrest harness such as this
Vest Style Harness - Back D-Ring Vest Harness