Hiya Cary
Now i understand, you were the goldsmith

then you're in for a big transition moving into 3d of this magnitude with Maxwell and all that it requires.
First of all, don't worry about not knowing everything from the start. These things takes time to master and only time and dedication and some skills will make you a talented artist.
The steps you describe are close but not quite as i would do it, here's how i'd get started on something like this..
1. Google for references of similar ropes, wires, cables and such things
2. Look at how these ropes are actually construced, they're a bunch of wires/threads twisted around a central axis to describe it with simple terms.
3. Base the shader around a already existing steel or other similar type metal shader, if that doesn't exist then create a new one or check the MXM Gallery.
4. Create a tilted seamlessly tileable gradient map, tilted something like 35-65 degrees depending on how tight the rope should be.
5. Add the above created gradient map as a displacement and set a height and precision value. Then testrender and see how it looks.
These are the very basic steps i'd take for a shader like this. A suggestion i can make is that you grab my Brushed Aluminium shader from the MXM Gallery and toss out the highres scratchmap from it and instead add a displacementmap for your rope map i described above. This will work as a basic steelcable material once you're done with it.
/ Max