Yeh, you're about right. The bat is splice by one guy, pressed and shaped by another, sanded by one, handle shaped by another, then buffed by another, binded by another and finally gripped and stickered.
One guy could do the whole lot if he wished (that's how skilled they are!) but it makes sense for them to specialise. Working in teams means they can get it done quicker too. It seemed almost like there were 4 teams to me, the splicers, bat makers, finishers (sand, buff, bind) and the packagers (grip, sticker)
I may have missed some bits out as there's so much going on in these factories. But it gives you an idea.
There's a totally different bunch of people who also work on the soft goods. This happens in a different area of the factory as they need to keep the area clean and free from dust.