Has anybody else discovered this?
Yes.
if so, what do you get out of this, if anything at all?
Al Bhed Password.
Am I doing this right even?
yes, and you're close to figure it out on your own.
Anywho...
If you're wondering what the three Al Bhed Passwords are, they're:
VICTORIOUS
MURASAME
GODHAND
They must be inputted with capital letters into the airship password system.

Here's how to find the last hidden Al Bhed password :

With the Vale at your back go fortynine.
Then seven to the right in the truest line.

Now face south, which is opposite the vale. Do exactly as each instruction
tells you:

[A stone gives this clue]: Right sixteen and right four

[A stone gives this clue]: With me at your back go twenty, then twenty to the right.

[A circle gives this clue]: Continue on. Find me.

After that clue, go to the next circle. It's near the thorn.

Time for the password: GODHAND. A lot of work, but not too hard. Just
concentrate!