Yes, that's all there is to it.
Just "normalize" the exposure so that it looks correct using the Exposure slider. What you'll have done though is to move the data-rich portion of what has been recorded down into the data poor mid-tone and quarter tone area, thus giving yourself a more robust image to work with.
This method makes sense since increased exposure in the camera and the decrease in exposure with the ACR exposure slider are both linear scaling operations. For example, if you expose to the right by 1 stop, all pixels in the image are multiplied by 2 and an exposure correction of -1 in ACR reverses the process.
The above situation would take place with a short scale subject where the dynamic range of the subject is less than that of the camera and a normal exposure would leave empty space on the right of the histogram. If the dynamic range of the subject is equal to that of the camera, normal exposure and ETTR are the same.
If the dynamic range of the subject is greater than that of the camera, you must make a compromise and have the option of preserving the highlights or the shadows. To preserve the highlights, you would place them just short of clipping or perhaps allow some clipping and use highlight recovery. If you favor the shadows, then highlight clipping will be present.
In the excellent LL ACR tutorial, Thomas Knoll discusses how he corrects images. He uses the exposure control to set the white point, holding down the ALT key (windows) to show highlight clipping. He then sets the black point with the black slider, also holding down the ALT key. He then uses the brightness control to adjust the distribution of tones between the white and black point. Brightness is nonlinear.
He doesn't explicitly state if he still uses this method for highlight recovery, but does note that an alternate approach is to use the exposure control to adjust the overall brightness of the picture and then use the recovery slider to control the highlights. The recovery slider is nonlinear and affects the highlights more than the remaining tones.
For highlight recovery, one may use either the exposure or the recovery slider and he gives no advice in this situation. In the case of a high dynamic range subject where the highlights are blown but the midtones are correct, use of the recovery slider is suggested. In the tutorial Jeff shows how to use curves to tease out highlight detail in such a case.