You seem to have the firewire target disk process down correctly. THe MBP will just be a very expensive external caddy.
No knowledge of the Stellar Phoenix chaps though.
From
http://support.apple.com/kb/HT1661
Before attempting FireWire target disk mode, check these items:
* Make sure your software and firmware are up to date.
* Disconnect all other FireWire devices from both computers before you use FireWire target disk mode. Do not connect any FireWire devices until after you have disconnected the two computers from each other or have stopped using target disk mode.
* If "Open Firmware Password" has been enabled the computer will not go into Target Disk mode. More information on Open Firmware Password is available in the "What to do if your Mac doesn't enter FireWire Target Disk Mode" section of this article.
* If you will be transferring FileVault-protected home directories (Mac OS X v10.3 or later only), log in as the FileVault-protected user and temporarily turn off FileVault. After transferring home directory contents to the target computer, enable FileVault protection again if you like.
To use FireWire target disk mode
1. Make sure that the target computer is turned off.
2. If you are using an Apple portable computer such as a PowerBook or MacBook as the target computer, plug in its AC power adapter.
3. Use a FireWire cable to connect the target computer to a host computer. The host computer can be powered on.
4. Start up the target computer and immediately press and hold down the T key until the FireWire icon appears. The hard disk of the target computer should become available to the host computer and will likely appear on desktop. (If the target computer is running Mac OS X v10.4 Tiger, you can also open System Preferences, choose Startup Disk, and click Target Disk Mode. Restart the computer and it will start up in Target Disk Mode.)
5. When you are finished copying files, locate the target computer's hard disk icon on the desktop of the host computer and drag it to the Trash or choose Eject (or Put Away) from the File menu.
6. Press the target computer's power button to turn it off.
7. Unplug the FireWire cable.
