How to cut a nano SIM out of a 8-pin SIM?
Yes, those are the right pads to cut off.

Though, I have to warn you, it is possible to cut that card so that it gets stuck to the phone. Nano-SIM is also thinner than Mini-SIM so you have to slice off some 0.1mm from it to make it fit most phones. Still it is doable, but just be careful not to cut it too small.

Also, the old SIMs might not work well with newer mobile technologies. Depends on your operator.