Yes. You are 100% correct. I use my own Reseller Club account for registering .in Domains.Good post Kathir, except godaddy is complete rip off.
.In Domains cost only 90R at mitsu.in and 1and1.com charge 7.95 reg fee for .com's
godaddy is $8.90 for .in!!! and $11.23 for .com!!
Godaddy needs to go on a diet!
Actually, I referred to the Godaddy's Bulk registration tool, because that's capable of checking 500 Domains at a single shot.
Tailoring to Indian keywords is really a good idea. I too ll add itJeff: Great post kathirR - the only thing I'd add is that you can tailor results in the Google Keyword Tool specifically to India.