You understand steps 1 – 6 correctly. You can run the top 1 EA or even the top 3. If you decide on the top 3 you need to adjust the risk so the risk to the account is limited to 1%.
The idea of testing on a 10K account and then moving to a 50K account is a good idea.
Another strategy would be to first test in the 10K account and then move the best performing EA’s to another 10K account. This would give you a chance to learn how to increase lot size and see how the EA’s continue to perform. If you blow the account then you haven’t lost so much. Once you feel confident running the EA’s in the second 10K account then move them to a 50K account.
Another strategy you could just open the 50K account set your lot size to a small size such as 0.01 lots so you won’t do any harm to the account. Then once you identify the best performing EA you can add that EA to a different chart and change its magic number. This way you can still monitor the performance of all EAs because they will all have the same small size lots. This approach would save some money. Hope this is clear!