the way to undo `bzr update` in bound branch (heavy checkout) with local commits?

[Alexander Belchenko]

I'd like to confirm my guesses about existing ways to restore bound 
branch (checkout) with local commits to its state before `bzr update` 
(implicit merge).

IIUC, it can be achieved with

bzr unbind
bzr pull . --overwrite -r revid:xxx
bzr bind

Where revid:xxx is the latest local commit revision.

To find latest local commit there can be used `bzr heads --dead` or bzr 
qlog.

Is it correct? Or there is better ways?