The steps you listed are exactly what I have been doing yesterday.
I have just done it all again, but the site still shows the basic layout. HERE
Hang on – am I expecting the right thing when the site reloads? I have decided to use Demo 4 layout, and expected there to be a choice that would enable me to load that layout pre-done.

Please tell me if I am wayyyy off the mark on my expectations here Matt – or this will go on forever!

Matt, trust me, I have read the Ultimo Guide – twice. And there is no section that allows you to switch between the Demo Theme Layouts.
Yes, there’s pages 68 – 70 that shows how to change the CMS>Pages with the 4 loaded Ultimo-Home-Pages within. Check the preview of each yourself – they are not the demos. Yes, they are different layouts, but don’t come close to the Demo layouts. I am looking for a Demo 4 layout.

I did try changing the current Home Page to one of the samples, but it will need lots of re-working, which I was trying to avoid.
Actually thought it wasn’t asking too much of Ultimo to be able to load a demo layout, but it seems it was.