I agree, Terry. That's exactly right.
They do have as their multiple ancestors though the various anabaptists groups whose markers included the demand that only adults could be baptised, and that baptism could be performed again and again, instead of the once for all time indicated in Jesus' instructions to his disciples.
At the root of all these groups, though, is the lust for power that you define, and sheer cunning arrogance (such a feature of JW's) as they insist that they can reinterpret God's requirements. They make God less and less accessible to ordinary people, insisting on an elite and exclusive group who qualify through total conformity to a norm they define.
The big question seems to be, did they, including Russell, have any degree of self-awareness? In other words, were they cynically manipulating the gullible for their own ends, or did they, insanely, convince themselves in a form of megalomania?