CC,
Yep, that's about it. The method I was talking about is the Royal Air Force way, and we fly oval traffic patterns. 'Lo Key' is the same place where you start to turn on finals in a glide circuit, and this is of course a constant turn until you roll out into wind at about 300'. We don't use a 'Base Key'.
If you mail me with your snail mail address, I will copy and post the relevant pages from my documents for you.