Yes, just as you say.
Turn the nut "up" until it meets slight resistance and then turn down 12 flats (2 full turns). This is the usual baseline on most SU carbs.
Be sure you have a decent ignition system (wires, points, cap, rotor, etc), since this can mimic a rich mixture.
If mixture is right with car warmed up and idling at normal speed, try the following:
With air filters off, lift each damper piston a small amount (about 3/16") with a thin screwdriver. The engine *should* speed up for a moment and then return to normal idle RPM.
Some SU carbs have a small "lifting button" for this test. I don't recall if they're on a TR3.