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.
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)