Yes. That is the framework. You look at all the passives that are trying to initiate in Step 4.I. Assuming they do not affect each others' play restrictions or target requirements, they all resolve in the same Step 4.III. Then, you check the board again to see if any new passives were created in Step 4.III. Those would then be resolved in Step 4.IV.
Something that initiates in Step 4.IV cannot conflict with something that conflicts in Step 4.I.