Hi Alejandro,
Figure 8 in the deployment white paper describes manual management of baselines between repositories. You can use this method between two cloud-based repositories, but you can't use the "Load Other Baselines" function it mentions because the Package Baselines dialog doesn't support cloud connections. Instead you have to export/import the baselines as files (in the same dialog).
Similarly, the Project Transfer dialog doesn't support cloud connections, so in order to carry out a project transfer you need to use the actual behind-the-scenes DBMS connections / file paths to the repositories you've set up.
With those modifications, the outlined method should work.
It is important to note, however, that you don't baseline a whole project in one go. Baselines are managed on the package level, and any package can be baselined. So there is no such thing as a project baseline, nor a baseline project. A project contains a number of packages, some of those packages can be baselined, and those baselines can be moved between projects; that's the mindset you should adopt.
I would also advise you to look into the reusable asset service (RAS). This uses the cloud service to store reusable assets, which are very much like package baselines but with the added twist that their dependencies are managed -- otherwise a huge headache for package-level version control (which is what EA supports, whether you choose to use baselines or Subversion).
HTH,
/Uffe