I suppose that it really depends upon what your shooting, and what effect that you want.
For example if your shooting motorsports, and want some motion blur on the cars, but not the background your technique would work.
However if I was shooting a car race I'd leave the tripod at home. As a car was coming into view I'd aim the camera at it and pan along (follow the car with the camera) and take the photo when it's where I want it.
If this technique is done right the car should be sharp, and the background blurred.
The same basic technique can be used for most action sports photography.
As for focusing.
It can be tough. However here's 1 trick.
Focus to 1 spot and take the photo when the object reaches that spot.
If you use Auto Focus you have the right idea here
Quote: set the "OK btn when shooting" setting to "Enable AF"
I've seen too many people not get a decent photo off using the shutter button to Auto Focus.
Their cameras just seem to search too much and don't snap the shot
I use Manual focus, and have always managed a couple of keepers.
I hope that this helps you a little.