That sounds like a good plan.
In Sedona, there is a shopping/restaurant area called Tlaquepaque that recalls the architecture of the Mexican village by that name. It's a good place to spend an hour or two, and the mexican restuarant there is pretty good.
I've yet to do one, but Pink Jeep Tours have a good reputation for good backroads scenery trips, and scenery is Sedona's strong suit. At the least, plan to spend some time turning up back roads and driving as far as you can just to see the cool scenery.
It would be very worthwhile to drive 89A north out of Sedona on the way home (or go this route backwards on the way there). This takes you through Oak Creek Canyon to Flagstaff. A few miles out of Sedona on the left is a Dairy Queen with some native americans in the parking lot selling jewelry. I've bought several Christmas gifts from them, and have always been satisfied. In Flagstaff, you can see our 12,000 foot mountain and even ride the ski lift to the top year 'round. Or, view the mountain from a distance and head on home down I-10. The loop adds maybe an hour-hour 1/2 to your day and is well worth it.
Once back at the Boulders, drive a few miles over to Cave Creek. It's got a lot of funky shops and restaurants. A very good Mexican restaurant is there on the north side of the road, but I can't recall the name. It has high, white stucco walls that you park outside of. They have a very nice outdoor eating area.
I've been Toronto several times and like it a lot! I hope your visit to Arizona is as enjoyable.