Are there any differnces between a non multicontext upgrade and multicontext upgrade?
You are missing one crucial step, and that is upgrading the memory to support the new ASA version. You will need a minimum of 2 GB or more for the 5520: http://www.cisco.com/c/en/us/products/collateral/security/asa-5500-series-next-generation-firewalls/product_bulletin_c25-586414.html
I would suggest to break the failover before starting the upgrade (ie. shutdown failover interface, or pull out the cable..etc.) Also make sure you have some test PCs and servers you can play around with while testing to see if things are as they should be before placing the ASA back onto the network.
Other than that your upgrade steps look fine.
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You cannot upgrade directly from 7.4 to 9.0(3). You will need to make two intermediate upgrades - first to 8.2 then 8.4 and finally to 9.0(3) in order to follow a supported path and ensure that all syntax from your existing configuration is preserved.
If you don't care about the configuration and are rebuilding from scratch then you can just put in the additional memory and load the new image.
By the way an ASA runs Adaptive Security Appliance (ASA) software - not IOS.
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