I believe this to be a 1927 Bulova Orchid. I found a watch that looked like it in the old advertisements on this website (12/27/1927 Saturday Evening Post). I can't tell what the movement symbol is to get a correct date. If I had a loupe, maybe. I'm probably going to end up selling this on eBay (I bought it at an auction) and just wanted more information on it. Thank you!
(edit: I was able to get my hands on a loupe to check out the date symbol and it looks like a shield to me. Updated the date on the post.)
If you feel comfortable you can lift the entire movement out just the way you said. If you have it dial side up it would pull straight up and out. The notches are there for you to remove it that way. As you expected. be careful to note the way the celluloid cover comes out. It sits on the bottom of the metal shield. It has a bezel it won't sit right if it goes back in upside down. Won't do horrible damage or is a big deal, but watch operates best when in its proper position could possibly interfere if in full contact with the movement. otherwise a simple process. Good luck. This is a beautiful watch!!!