Hi Manual,
Yes, that is sort of how it works.
The index_offset will tell you where to start in the index list. If you count each triangle as three indices you have to divide the number by three to get the triangle count. If you just count each index as an integer, you can just use the value given.
The index count also has to be divided by three if you are counting the triangles. But if you are just counting the integers you can use the value given.
In the index list you will find the vertex numbers used by each triangle. This is were the vertex_offset comes in, as the vertex count usually starts at zero for each part. So to get the correct vertex you need to add the vertex_offset to the vertex number from the index list. Once you know the vertices it is rather easy to draw the triangle of course.
I don't know were the vertex_count is used. I guess you might need to know this when you want to extract the vertices from the list, but I did not use it in my code to render a MDL object.
I hope this makes it a bit clearer .