I can't vouch for the corrupt memory, we use "on power up". I also cannot vouch for your specific CompactLogix, I'm not even sure what a "L1" is, I assume L18? Other than that, yes, what you described is correct. I'd bet a dollar that it will work. Just make sure that you leave the flash card in long enough to fully complete the flash, a few minutes.
Despite what the manual says, we use this method on hundreds of processors. L31, L32E, L30ER, L43's and ControlLogix. I see no reason for a L18 to be different.