Gumball, The easiest way to bleed the system is to use a vacuum brake bleeder system, and draw the fluid out the caliper bleed valve. The way you mentioned will work, but can be very time consuming and very frustrating.
The only reason you should have to bleed the system is if you have a leak or the lines wear removed. If the piston is returning all the way it should allow the fluid to take up the ajustment.
The cable also has a thumb wheel ajuster as well, but check the linkage first GOOD LUCK
Mudslinger