Removal
Since this is a elecro/ mechanical pressure switch, I must first cut off the breaker, verify with a volt meter for reassurence, and then release the water pressure by simply letting the water run prior to switch removal?

That's about it, other than making sure you can replace the wires on the new switch in the same positions they came off the old one. You will want to know the current cutin/cutout points and purchase a switch at least close to what you have now, or be prepared to adjust the new one.