Pretty much how I do it as well.
wheel flat on the bench, go for the bottom bearing with my narrow chisel and tap my way around it until it pops out. The spacer usually falls out with it. Flip the wheel over and do the other side which is much easier.
I put my new bearings in the freezer the night before to shrink them a tiny bit, so when I go to put them in they pop in easier. Some guys (including Pro MX mechanics) will lightly use a torch on the wheel where the bearing goes and the bearing pretty much drops in.
I spray down a bunch of WD-40 as a lube and use a proper sized socket to tap it in with my rubber mallet. Don't forget the spacer before you put the second one in.