Mostly correct, but their heir does not need a weak claim for you to use spies, rather they need under a certain legitimacy (~50, I can't remember exactly). This will happen due to a weak heir ascending to the throne, or through constant high War Exhaustion, which is easier to engineer.
The best options for immediate PU formation are 3) and 4) as listed by n0thin. 3) is generally easiest if the throne can be claimed, due to the cost/relatively low chance of spies. If they have a strong succession you can declare war and keep them occupied to increase WE and so lower legitimacy, until you can use the spy. The main downside to this tactic is the time it takes and the risk of another country sensing weakness in your target and coming in to annex/vassalise