Interesting to see the various differences here.
Not necessarily what I do at work... typically, though, after the IDENT page I'll go to POS INIT and once the GPS position displays select that. Then off to do whatever else while the alignment process runs. Failure to do so just means at the end of the alignment process you'll have a flashing ALIGN annunciator on the IRS until you enter an appropriate aircraft position.
Early aircraft (prior to around S/N 101 or so? don't recall) have two switches, one EICAS, one AVIONICS. That's possibly the source of the referenced checklist.
I've been told but never found supporting information that the IRS in the actual aircraft is more accurate if one uses ALIGN and then when NAV RDY appears go to NAV. Lots of crews just go straight to NAV and it'll align just fine. Haven't bothered to purchase this aircraft so I've no idea if the model will do so. Typical alignment times at the latitudes I fly are 5-6 minutes.