Hi Stephen,
You are correct in your assumption that SEO is not the kind of thing you should sit and wait on, although there is some of that. For instance, there will be times where you do all you think you need to do or can do for a site and then you will wait for Google to re-cache the site and see how they treat it in the rankings. There is definitely that element to SEO. (Although there are also some things you can do to help your site get noticed faster by Google) But, where you are right now is the learn, learn, learn stage. Like I said in my first comment, I think a couple of weeks of learning is going to prove to be very valuable for you.
The changes you have made just might move you into the top 50. But, keep in mind that up to 73% of all Google searches end in the first five listings and up to 90% never go to page two. So, the ultimate goal is that top 5 on page one. That's where the real magic happens.
I have a feeling that your teachable spirit and your tenacious digging will get you there, Stephen. Don't forget, there are lots of people here on SEOmoz that will be willing to help you along your journey.
All the best, Kirk