It helps to have a personal list to ensure you don't end up with a silly mistake. However the list in the original post will definitely suck up more time and also as gmatpill pointed out is non intuitive.
Here is a simpler way:
Step 1: Check if there is a modifier, subject-verb, comparison or parallelism issue. These are usually easy to catch and should have some markers such as "than" or "as" would indicate comparison etc.
Step 2: Check for pronoun and tense issues. Somehow I feel these are less tested but more complex.
Step 3: Remove modifiers and make sure that it is not a sentence fragment, or a run-on sentence.
Step 4: See if there is an idiom you are not sure about
Step 5: See if there is word that is redundant or the construction is passive.
Step 6: See if the meaning of the sentence gets distorted in the answer option.
I know 6 steps looks like an overkill but the idea is to write down the answer choices one by one:
A
B
C
D
E
Keep striking out the answer options as you go through each step. The idea is you should be able to stop at step 2-3 for easy questions. Also as you practice you should get faster in getting through this almost subconsciously.
Arun