Yes, Magic is the same thing as Setup.
If you get a 3940 the OneForAll site recommends setup code 21965.  You summary is correct, and it really is that simple.  Do note, however, that Surround Mode is 42181 (52932 is Subtitle)
This is almost certain to work, because the data is from an upgrade file at hifi-remote.com.  A user took the trouble to learn all the codes.