Yup! It worked! Easier and faster than I could have dreamed of.
Ok, I got it. I am shocked and amazed at how FLAWLESSLY and FAST all of this worked:
First, I backed up via Time Machine and also updated my clone. I use the 2.5" 500GB stock drive from Toshiba for this purpose. This was for "just in case" issues and after I was done, I restarted, so as to be able to boot using my clone. Once everything loaded, into the Disk Utility I went and bam, I clicked on the OWC SSD and hit Erase. Twice. lol...
I shut down my mini, disconnected my USB enclosure that contained my mirror copy, so that there was no chance that the mini could boot from it accidentally. With only my bare SSD connected inside my mini, I hit Command-R to bring about the Lion Internet Recovery. It worked right away and it took all of 5 minutes to download what ended up being the contents of the Recovery HD (the recovery partition which you can EASILY get back this way, just for future reference).
At that point, I chose to do a fresh installation of OS X 10.7 Lion. A quick click on Agree allowed Apple to make sure the mini was eligible for the Lion download and to make sure to download the "correct build". It then proceeded to download the entire OS. It took 46 minutes and again, it never asked for a WiFi password since I was hooked into Ethernet.
It said 46 mins., but it took closer to half an hour really and as soon as the download was finished, the installation began. This is where I literally enjoyed the entire 8-10 mins. that it took to install the ENTIRE OS! I'd never seen anything like it. That SATA III 6Gbps SSD sure is something and when the initial timer announced "18 minutes remaining...", it clicked down to 17, 16, etc., extremely quickly. I should have timed it but I can always rinse and repeat but not until I get that second one and set up a RAID 0. Maybe it'll install in 4 minutes then.
So it rebooted and asked me if I wanted to restore a backup, so I chose the Time Machine backup that I had just updated before this undertaking. The restore was 23GB worth and again, the speed of which the transfer happened was a joy to experience. Finally, after I entered my password, I needed to see if the Lion Internet Installer truly did download the "correct" build for the 2011 Mac mini, build 11A2061. <drum roll> I wasn't even surprised anymore, so yes, it all checked out.
I also checked if the Recovery partition was there now and yes, of course it was. All 650MB worth, so now I can make that OS X Lion USB recovery stick but I'm in no hurry. At the end of the day, it doesn't really matter because it took all of five minutes after hitting Command-R for the spinning globe to appear and that's when you're prompted to enter your WiFi info, unless you're hardwired into your modem via Ethernet. Actually, I am hardwired into my Time Capsule, which is connected to my cable modem. Even that works with zero configuration. But I digress...
I definitely got the sense that Apple really thought this through when making the decision of making the upgrade to Lion a download-only affair. The cliche "It just works." would be an understatement to describe this process.
I hope this helps some of you.