It's an Israeli kit put together by a gunsmith. I understand grinding the rivet heads or center drilling them but do you mean drift pinning the rivets thru the MG body once the right side plate is removed?
'Drift punch', not pin. Different animals with different uses.

ALL the rivets are removed, THEN the plate comes off.
Other than that, I believe that is exactly correct, but for trunnion rivets only, as they are the only rivets that go all the way through.
For the rest of the rivets;
After the heads have been drilled through their centers to just past flush with the surface of the bottom plate, the remainder should be punched right in and through. Remember, these rivets don't go all the way through the receiver from one side of the box to the other. After drilling, even if the head don't pop right off, there's only less than a half inch of rivet shaft material counting the beveled part to deal with. Shouldn't take more than one or two sharp whacks to knock them out.