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Pretty much what I did. I ballasted the track before putting down the ground cover, since I've found it's more realistic to have the ground cover creeping up into the ballast, but that's just a matter of personal preference. You could, in most cases, also save the structures for last. Ground cover and ballasting is much less time consuming that building structures and helps give the layout a more finished look while you complete your structures.
On my current shelf layout, I painted the "benchwork" first, before anything else. I use pink foam, I dislike "pink prairies", AND I had a lot of cheap dark green paint. I also smeared random areas of dark brown into the green while it was still wet.
I then laid roadbed and track. Next I'll contour the foam, which will require some repainting, then add ground cover, etc.
With cork roadbed and the foam painted, I'm in no rush - it looks tolerable enough to me to leave it as is while I correct any trackwork problems, etc. And I hate to ballast so I might never ballast the thing...
(My cheap digital camera isn't great for close-ups but this was a good opportunity to play with attaching pics. And yes, I will route those feeders down through the foam...)
I just do what I do when I get tired of doing what I just did.
(?)
I get bored easily doing one thing all the time so I tend to mix it up. Maybe not the best way to go but i like the variety.
And yes it has bitten me in the butt a few times when I have to work around something that shouldn't have been done first, but you did ask for my sequence.