Pretty much…
The wires inside are typically colored with enamel. You will likely need to put a dab of solder on each in order to burn off the enamel and get a conductive surface to meter. You can then check which color wire goes to the tip, ring, and sleeve on each pin. You can reverse engineer which wire does what from a baofeng/kenwood pinout diagram.
Then take the mic end of the wire and solder the appropriate wires to the appropriate parts of a new 3.5mm TRS connector. If you connect it wrong, it just won’t work. You’re not going to hurt anything.
That’s pretty much it. Not too complicated.
Adam
K6ARK