Your right, in my opinion, but Do make sure you can get GCCs or COCs from your raw material manufactures. Remember 3rd party testing is required come Feb 10th 2010, and the testing is retro-active for products in stock unless made entirely of exempt materials, so don't go creating a stockpile of items that won't sell before then.
Testing is required right now for certain items like a painted wooden button, regardless if the entire rest of the item is made from exempt materials, and the supplier certificates will not cut for those "test now" components. See Table A: Compliance and Testing Timetable at
http://cpsc.gov/about/cpsia/smbus/manufacturers.html#q5 for testing deadlines.