Hi Egg Carton!
I've done it via this method and am 2 episodes in, and it seems to be working.
You basically have to do it in a different order than you mentioned:
Upload your podcast episodes to Soundcloud, get your Soundcloud RSS feed, put this into feedburner, and then on the iTunes podcast connect, use the feedburner feed as the main feed for your podcast.
So it will basically feed from iTunes like this
iTunes <-- feedburner <-- original soundcloud file
You need to make sure you're toggling the podcast settings in feedburner for it to display correctly in iTunes though.
Does that make sense?
Hannah