Was this the right sequence of events, or should I have ended up with lvserv1.xxx.local pointing to the -Rescue disks?
Jeff
Yes you did it perfectly. Since the Rescue powered on successfully, you can consider deleting the old bad disks. Always confirm the data drives are there (i.e. in the windows guest's disk mgmt) and that you didn't miss any (i.e. if the VM had 3 drives instead of 2).
Regarding the Storage vMotion, that is a luxury item if you are licensed for it. There is no technical reason you need to do it in this case. Once your rescue VM comes online you are done. The thinking here though is that once you delete your old VM from disk, the "-Rescue" can then be renamed back to the original displayname.
Simply renaming the VM doesn't change the names of it's underlying folder and disknames. However, if you perform a Storage vMotion after the rename, the underlying disks (and other associated files) are then changed to reflect the current displayname. This is just housekeeping to keep your info consistent. The name change only requires one svMotion, but since usually the VM is sitting on the desired datastore already, it does require 2 svMotions (i.e. svMotion away, svMotion back).