Zog, your assumption is correct that all 3 breakers will be closed for a short period of time. Just long enough to go from the tie after it is closed to one of the mains and open it. (iwire I agree with your point that if it is not safe/not compliant with code, it does not matter how short the time is)
Also it can be assumed that the system is correctly designed for one side to carry the load of both sides indefinitely. This has been done before for extended periods of time in the past (so I am told) when the switches on one side have needed maintenance.
I am attaching a quick sketch of the system, please pardon its crudeness. Let me know if I have left out any needed information.