jsherrard
As long as your operating under a permit that was pulled after the 2005 was adopted or the inspector will allow using a 2005 change on an earlier permit it sounds fine.
I am looking at the IAEI 2005 NEC Analysis of Changes and what you describe sounds like exactly what they show.
All you need is a listed connector at the busbar. It is not required to be irreversible.
Shortcircuit
the GEC should be continuous from the grounding electrode(which is the 4" water main)
The footer is also a grounding electrode not just the water main.
Also keep in mind that this allowance of a grounding bus is new to 2005.
It is found in 2005 250.64(C)(3)
Bob