Yeah I think that is the approach that most people have done on their 2nd+ teams except that a good number of folk are doing non-Tank teams with 4DPS+Healer for even faster leveling (generally not worrying much if anything about bosses).
This thread was started focusing on alternatives and often are sought when folk really are doing just 1-3 more alts that can't level well in instances or a 5man team that just won't level well in instances (and or don't have AoE DPS options). If you have a 5man team capable of strong AoE DPS it may make sense to not bother looking at any of these approaches.
Generally when leveling 2 or more teams it is often recommended to just get 1 team to cap first and then work on the others (they can be done in parallel as your biggest bang for the buck is the first team). Generally people only do gathering professions and maybe first aid while leveling. Crafting isn't often recommended while leveling and folk just power level crafting at cap though I do Tailoring on at least 1 alt for upcrafting cloths and focusing disenchanting on 1 alt. I actually take enchanting on all alts while leveling to DE bound stuff but plan to drop it on all but 1 alt at some point.
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