You are getting there!
Yes that's all you have to do to set up Quick Keys for Favorites Lists. To toggle a Favorites List Quick Key (FLQK), the key press sequence is xx Eyes where xx is the FLQK number. So for FLQK 11, it is 11 Eyes.
You understand the Number Tag concept correctly - it is a method to "jump" to a desired channel and hold on that channel.
Number Tags are optional - you can set them if desired but don't have to. I have just a handful of channels number tagged, only those that are more important to me.
A Number Tagged channel has an "address" consisting of three parts: One part is the number tag for the Favorites List in which it is located, the number tag for the System and the number tag for the channel.
While Favorites Lists Quick Key Numbers and Favorites Lists Number Tag can be different, it's easier on my memory if they are the same. So using your example, I suggest using 31 as the Number Tag for Favorites List 31.
You didn't mention anything about Systems. They too should (for ease of initial understanding purposes) have a System Quick Key and a System Number Tag. Again I recommend using the same number for both. (I'll assume 0 for the System Number Tag for this discussion).
The last part, the simplest, is the channel Number Tag, which you have set for 1 (the East) and I presume 2 for the West.
Now that you have the "stuff" set for Number Tags, here is how it would go. You want to stop scanning thus placing the scanner on "Hold", which is done by pressing the Channel button. Next you want to keypress that "address" for the desired channel, or in your case 31.0.1. Lastly you'll press Channel again to complete "jumping" to the desired channel.
In summary it's <Channel 31.0.1 Channel> to jump to a number tagged channel.
Quick Keys and Number Tagging can be intimidating for a new user. For better or worse, I liken it to knot tying. When you are first learning how, it is difficult. The more practice you have, it becomes second nature.