Questions about vinyl cove molding

Hello All,
I have some questions regarding the installation of vinyl cove molding that I hope somebody might answer for me.
To be specific, I need to replace some old vinyl cove molding in a bathroom that was very badly installed by some contractors about ten years ago. It is easy to pull the old molding off of the wall but the problem is that the guys who did the job used a very dark glue sticky glue that seeped up over the top of the molding but never really held very well. What is worse is that the plaster surface behind the molding is very chipped and uneven in some places and they never even tried to smooth it out. In other spots there are clumps of glue that make the molding ripple. What a mess.
What I was planning to do is this: 1) pull off the old molding, 2) scrape off the old glue with a putty knife, 3) spackle the damaged sections and sand the other parts as necessary, 4) then install the new molding.
Does that sound like a reasonable plan? Is there one particular glue that would be best to use? Is there anything that I'm missing here? Thanks in advance for any advice or suggestions as to a better way that you might be able to offer. I truly do appreciate the help.
Regards,
Christopher
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we have found the thin less expensive stuff on a roll is poor compared to the thicker lengths and their related pieces. see: http://hdsupply.shoplocal.com/hdsupply/circular_browse_page_large.asp?StoreID#98236&BPM=1&DisplayPageNumber 77&PromotionCode=HDSv55%2D050215&
or search the hd supply virtual catalog for COVE BASE by armstrong
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Great plan. Scrape, break the lumps. Skim with drywall compound or equal. Install base cove.
Buy rubber base instead of vinyl. I prefer using Henry's adhesives. Any of these will do: http://www.wwhenry.com/products.htm#wall
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