@SadBucket That's the procedure, thanks! I actually did the following: leave in HDG mode, angled towards the localizer, in VLOC mode. Wait for the needle to get close, then put it in NAV mode so it intercepts the localizer. Then hit APR to arm glideslope mode, and let it descend. However, be ready to fly it manually if something's not quite working. I did three approaches with FSIPanel, worked each time.
This especially comes in handy when flying in IMC. I think I crashed my Caravan trying to follow ILS while hand flying in heavy precip into PANC on Vatsim once...very embarrassing.