Pretty much that, not to mention it may skip a line as well so you could use your macro and even if Bulkwark is on CD it will read that, say it's no available and then skip the line to use Senitel.

Also you should never have the need to remove any skills from your hot bar as you should be able to comfortably fit them all onto your hotbar with no issue. If you like I can show you a video of my set up with macros that I use for my PLD,DRK an WAR and they are instant and in no way a DPS loss if anything it makes playing the 3 tank class's easier.