Yes, that's exactly right.
The LM35 is a nice device, but you want to integrate the temp probe straight into the pH meter and a simple thermistor can do that.
For future reference, check into one-wire sensors like the ones from Maxim:
They have a one-wire temp sensor that sends digital data on the same wire that supplies it power. Hook a small computer to it like an Arduino, and you can make a data logging temp sensor. Also - companies like Maxim will send samples of these just for asking!
Also, I just got a computer that's the size of a pack of cigarettes called a Raspberry Pi - cost like $50. It runs on USB power, has a 800 MHz CPU, and uses a SD card for memory. Not sure what I'll use it for, but it runs Linux and is pretty cool on the gadget scale!