These are so-called "fastpaths". Instead of calling "smitty" (which takes you to a main menu) and going through a series of smitty-panels you can go to a certain panel directly. If unsure, just use "smitty" and follow the panels, they are pretty self-explanatory.
No, that is enough. Hostname and IP address only take a "touchdown" (stop/start) of the network. Depending on the IP addresses involved you might need to change also the routing, but this need no reboot too.
Looks good. The only thing you have to avoid is to have the same IP address twice on the network. Pulling cables is a pretty sure way of avoiding to be on the network, regardless of the validity of the IP address. ;-))
smitty tcpip - fastpath to general tcpip menu selection
smitty inet - fastpath to change/add ip address only
smitty mktcpip - fastpath to set ip address, hostname, default route, dns info all in one dialog. Normally, mktcpip should only be used once because it also updates /etc/hosts. The common error is to use the mktcpip for multiple NIC (interfaces) and the single hostname gets set multiple times in /etc/hosts to different addresses.
So, what I would add to your procedure is to review /etc/hosts on both systems and verify no double/incorrect entries remain behind or get added.