What you mentioned above is one way of doing it, however there is another that isn't too difficult, and will allow you to transfer all/or some of your mp3's after you format youur drive. Tinkertool allows you to view hidden files on your machine as we all know. Your ipod is the same thing. Your mp3's are in a hidden folder on the ipod. Here's the catch...They aren't all in the same folder. They are numbered and divided up somehow, regardless you can just navigate the folders in the finder and drag and drop what you want on the machine, and vise versa. AFAIK, there isn't a system as to how many songs, etc that each folder can hold....some of mine had 3 songs, some had 14 or more. Just make sure you choose to manually update your songs and lists or they will get wiped out.
-cS