My physics teacher said that (roughly) that the method you're talking about is the same method he used at university. Condensing notes down to small points is usually really helpful, especially if you can extrapolate visualise what they were again from the small notes. Exam papers are useful for knowing what the questions will be like (and what the expected answers are), and it's good that you plan to look at them, but your method is good for the understanding of the topic, which is the most important thing, I think, as you can do all the past papers you like, but if you don't know the information, it won't help as much.