I am sorry for this delayed reply to your gardening question. We are transitioning to a new Q&A system and your question was unfortunately lost in the transition. I have discovered it now and hope this reply is not too late to be of help.
Your plan it right on up to #4. I would use topsoil rather than compost to fill the low areas. You can mix a couple of inches of compost over the entire lawn if you like once it is leveled but if you use it to fill in holes those areas will sink later. For #5 wait for a few weeks after seeds emerge to start a very light fertilization schedule every few weeks to nurse them along. Tilling the soil helps loosen and level the area. Stay just 2-3 inches deep to avoid damaging a lot of tree roots. By now the waiting for weed killer to work question is a moot point but in general a week is long enough.
Thanks for the question. Please stop in again soon!
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