Best procedure to archive project on 10.1.1?

Assume a small project in a large event with many unused clips. I want to archive the project and only used clips to the smallest possible space. Here is the procedure I figured out, does this make sense?

(1) Turn of background rendering
(2) Create new library for archiving the project.
(3) Drag/drop the project onto the event in the new library you created. Answer no to copying proxy/optimized media
(4) In new archive library, delete project and event render files
(5) In new archive library, consolidate library files to ensure all used clips are within the library
(6) Close archive library, inspect package to ensure it looks OK

For a commonly used procedure, this seems very cumbersome and non-intuitive. Is there some better way?

Yes, that seems to be a good way to do it. It's not really too many more steps than consolidating in Avid or media managing in FCP7. Probably the thing that will take the longest is consolidating the library into a new location, and that depends on how much media you're copying.

FCPX is missing one key feature, though: trimming the clips to just the ranges used and with handles. It's not so bad for shorter projects, but if you're sending a feature doc to a color house, where you've got many shots that taken from clips where the camera was just rolling and rolling...