That's pretty much it. The increase/decrease indent buttons in Book View are just simple calls to Qt's indent/outdent functions and what Qt does is up to Qt.
I'd recommend a <blockquote>\1</blockquote> clip with the Clip Bar on to make your own button. But even that won't work in Book View as it will just ignore it since you'll be trying to put a blockquote inside a paragraph tag. You'd need to use it in Code View.
As DiapDealer said, once you're familiar with Code View, that's pretty much how people edit. I usually work in Code View, but I do use Book View when I'm just changing words or maybe using some simple span clips, but not for formatting. But usually I forget and hit a few returns to create new items, too many spaces in some places, etc. and eventually end up with messed up code. So I've gotten used to the stuff that gets inserted and I do a Find & Replace to clean it up after. (And its a real pain if you set styling on a default paragraph - it seems to get copied everywhere...) And when I'm done all that I try very hard to just edit in Code View using Preview to see what it looks like, or toggling quickly to Book View to let it pretty print my code. As soon as you start editing with Book View, all bets are off as to what your code will look like though.