Sounds right. Just do a little swatch to test is out to make sure. That's what I do.
I was wanting to do a 1 x 1 rib or a 2 x 2 rib band on the machine with a mitered v-neck.
I think I would have to knit 2 rows, move the stitches on the left and right of the middle stitch to the middle stitch and then move all the stitches -in- toward the middle stitch to close up the holes left by the transferred stitches.
Does this sound right?