The process as described above is spot on.
After getting my letter from Oak City, and my Class 1 medical I purchased the study guide software from:
http://www.dauntless-soft.com/Canada/
I had intended to study strictly from my FAR/AIM book, and I'm glad that I didn't. The study software made it easy, and in total I spend about eight hours studying (caution: I do have a fair bit of experience with the AIM and US procedures) the US ATP specific regulations.
Wrote the exam at UND aerospace, and then headed to the FSDO in Fargo where I had an appointment. I left twenty minutes later with the ATP in hand (and no fee from the FAA - as a nice little surprise at the end).
All in all the cost was about $US250 for the medical, software, and exam fees.