This method sounds like it should work but I'd be a bit worried about having a rad lying down while we decorated - something bad's bound to happen to it in our house!
Why not just remove it? As other people have said you just need to screw down the valves at both ends and get the water out. The fact that you've asked says to me that this is the first time you've done anything like this so here's the details:
Tools: Pen, paper, rags, bucket, "foodsaver" pot", large adjustable spanner, bleed valve key.
One end will almost certainly have a cover which freely rotates if you turn it. That's the lockshield valve. Pull the cover off (usually quite a lot of force required) and you'll see a head which you can turn with a small adjustable spanner. Close this by turning it clockwise but count the number of turns exactly and write it down. Draw the position of the head before you started on your paper. Having this information will help you balance it again when you've finished.
The other end will have either a TRV (thermostatic radiator valve) or a manual valve. If it's a manual valve just screw it down clockwise. If it's a TRV (big head with numbers on it) you really need to get hold of a "decorators cap". Your friendly plumbing shop probably has a box of them out the back - just ask. Unscrew the TRV head by hand and replace it with the decorators cap screwed down tightly, this closes the valve. If you can't get a decorators cap you can set the TRV to off but as has been mentioned they can open if they get too cold so you take a risk.
WIth both valves off you can now wrap some rags around the pipes to soak up any drips. Have a bucket and a small plastic "foodsaver" pot to hand. Gently loosen (do not remove) the nut which holds the valve to the rad at one end. Do not undo it. This can be trickier than it sounds as you have to work out which way to turn it. IME lockshields and manual valves have the nut on the pipe and screwing on to the rad while TRVs have the nut on the rad and screwing on to the TRV. Yours may be different so examine it carefully before you start.
As you loosen the nut it should start to drip. Hold the foodsaver pot underneath and loosen (do not remove) the bleed valve at the top of rad. It should hiss as air enters the rad and dirty water should come out of the loosened joint at the bottom. You can control the flow of water by loosening or tightening the nut and once the nut is quite loose and you've got some confidence by jiggling the fitting. You need to be patient at this point as you really do want all of that water to end up in your pot so do it slowly. There is always more water in a rad than I can ever believe!
When the water stops flowing remove the nut at each end of the rad. Pull each pipe clear (maybe 15mm or so). As you do so be prepared for a residure of dirty water to come out. Depending on the size of the rad you may need some help to lift it in a controlled manner. You normally need to lift it up about 20mm then forwards to clear the brackets. Again any reside water will come out so rags on the floor. I normally have pot or bucket very close to the rad and tip any reside into that to be totally sure it's empty before moving it very far.
Close the bleed valve now (so you don't forget to when you re-fit it).
To replace the rad hook it back onto the bracket and get it lined up properly as there is a bit of sideways adjustability and you will want it to be in the same place to match the pipes.
Fit the valves to the rad and do the nuts up reasonably tightly (don't get silly with the tightness as too tight can cause problems).
Run the heating in the rest of the house for a while to get the radiator circuit hot then turn the heating off as you don't want the pump running for the next bit.
Open one of the valves a bit.
With a rag behind the bleed valve to stop any splatter making your newly decorated wall loosen the bleed valve. You will hear air being forced out of the rad and you should start to feel the bottom of the rad get hot. Check for leaks. If you go reasonably slowly you can tell how high up the rad the water is by feel. When it gets close to the top go very slowly (by only opening the bleed valve a tiny bit) and you should be able to close it just as the water reaches it. Get it right and it can be a very clean job.
Re-fit the TRV or open the manual valve.
Open the lockshield to exactly the setting it was before and you're done.
Phew, that made it sound a big job. It isn't and it's well worth doing in order to decorate well. Good luck, Calvin