That's exactly how you do it. I recently started my Crystal over to perform this trick. I kept doing it so that I could get a Pichu and the other baby Pokémon. I got Pichu on my third time around and it turned out to be shiny! How Marvellous is that?! I would recommend that you clone the egg though instead of waiting for it to hatch and then cloning the Pokémon because if you clone the Pokémon it won't show up on your Pokédex because you never officially received it. When the egg hatches, the Pokémon will show up on your Pokédex.
I was thinking that it would be better to hatch the egg then clone the pokemon, because I thought that if you just cloned the egg you wouldn't know how many eggs you would need to clone to obtain all of the pokemon, so even if you had 16 eggs, you may not get each of the baby pokemon, but i suppose if you clone the egg then when you reload your game you can hatch it and then go and receive another egg, because you reload it before you have received the egg.
So the cloning glitch works on crystal, it's just harder?