That sounds about correct. Whatever the tread pitch of the sensor is, you can then calculate how many turns to back it out after making light contact. I think you are shooting for a final gap of 2 to 8 mm.
One thing I would do before screwing in the new sensor is to take something that you can “feel” the ring gear with and then turn the engine by hand at least one full revolution to make sure there isn’t too much runout in the ring gear. Then turn the engine until the most forward part of the gear is lined up with the sensor before installing it. That you know that the gap will not get any closer as the gear spins.
The other option is to carefully mark the old sensor before unscrewing it, then put it beside the new sensor and mark the depth.
Use both methods as a cross check. The last thing you want is the ring gear chewing into your brand new sensor.