To answer your questions: yes and yes.
What you are trying to show is that if a person in the K frame sees an object with momentum p = mv, where v is the velocity of the object in the K frame, then will a person in the K' frame see the object as having a moment p' = mv', where v' is the object's velocity as measured in the K' frame? If he doesn't, then the laws of physics (specifically the equation for momentum) are not *invariant* under a Galilean transformation. But it turns out they are.:
If the object has velocity v = dx/dt in K, then in K' its velocity is dx'/dt = d(x - ut)/dt = dx/dt - u = v - u. So we have established that v' = v - u in a Galilean transformation.
And since in your result you got p' = m(v-u) = mv', you know you're ok.