I just started trying to execute these steps and I've run into some issues and I'm hoping someone can help.
I downloaded all the files needed.
Checked that the phone was running NK1.
Did the full backup using Kies.
Removed the SIM/Memory card
Set my phone into Download mode
Opened Odin, used default values (wasn't having issues so didn't do all the extra stuff for a full clean). Picked the NC5 Kernal file and clicked Start.
About 20 seconds passed and the phone rebooted and it asked for my encryption key - I typed it in and it said it was incorrect. Tried 2 more times, still incorrect (and I'm positive I used the correct one).
Tried unplugging the battery and doing the full repair with the checkboxes below -
"NAND Erase All"
"Phone Bootloader Update"
"Phone EFS Clear"
Again it took about 10 seconds to complete once I pressed start.
This time it rebooted and got to the red Verizon screen and stays there.
No idea what to do now, I can get the phone back in download mode, but do not seem to be able to boot it up in regular mode.