Mike, as an ex-HP Sprite racer, I think the sequence of snug/loosen/snug-torque then torque is ARP way of making that the lube is spread- just enough on the working threads but no gobs under the head- and any questions of binding or crooked fit will be resolved. Of course going from one bolt to the other of a rod cap is good practice as you build up. However, don't use tiny steps either, as each higher torque needs to overcome the static(stuck) friction of the previous level. Thus, go 20,25, 30, 35 etc rather than 20, 21, 22, 23...
However, the final torque value you give "seems low" and may only be good with new, perfect bolts, exactly the right lube, etc. - When we torqued the ARP 5/16 rod bolts on my 948 engine we were more like 35 ft-lbs as final value. We also had tested this by the "stretch of the bolt" method with a con rod assembly clamped in a vise, where we could fit a digital caliper or micrometer over the bolt. (It is too hard to measure the actual bolt stretch down in the actual engine block area.) We then used that value to torque all rod bolts - as long as we used the same lube, same process, etc...= Test one then prepare and do them all the same. Joel