Just wan to report that everything went very well.
I went to baggage claim and watched my bag get picked up by one of the agents. Went on my mileage run, and came back to reclaim. Worked very smoothly.
As an aside, I did notice that in Terminal 8, there is a baggage storage service, right in baggage claim. The costs vary depending on the size of the bag. Pricing is similar/same as what I read about the baggage storage service in Term 1. This is an option for other in the future.