As far as I understand it, that’s totally correct, although maybe not the rest-and-rotate part. When I find myself using this technique at speed, which can be either during the slant reversal of a 2wps run or during crosspicking, I find that the “flipping” motion tends to happen throughout the entire pickstroke–the reversal starts before coming to rest on the next string. So it’s a continuous axis flip, but it is true (at least for me) that the rotation motion does play a large role in plucking the string that I reverse on. I don’t know if that’s the same thing as rest and rotate because it seems like there’s not really a “rest” before flipping the pick through the final string of the sequence.