No not really, if i had steam i would do it the same way as you.
You have to download the patch from some where on the net, and then apply all the files by yourself so i would continue to do what you do now.
Hey guys, when ever i start up gta v it starts to install patch 678 and i can run the game just fine, but when i exit the game it has not updated? :S
and ofc i am not able to play with the LCPDFR cause i dont have the lastest game patch all my modified files are in mods and scripts folder..