Seems like you missed something in #2.
After you drape your hand over his shoulder (be sure you are doing step 2 of #1 to defend the choke) you actually jump onto your opponent, placing your shins on his thighs. Only then is he carrying all your weight. That should relieve the pressure of the choke, and he will tire.
Once he tires, he'll loosen or release the choke. Immediately drop your feet to the ground (leaving the hand on his shoulder), and use your free hand to reach in between his legs performing a high-crotch, hip in and lift/turn your opponent into the air, and you should be able to take from there.