Correct. Add & subtract racial state adjustments after allocating the points.
More than one of you asked about starting level doing the lankhmar adventure to start with in the Free city of Greyhawk or Irongate. The adventure suggests for level 8-12 but warns against starting at level 6 or lower. I'm thinking start off as level 7 keeping in mind that you might get bumped to 8 if things are too hard I want it to be a challenge but not so much so that you all are feeling like it's too hard.