That sums it up pretty well. Tordon RTU is safe, in my opinion, for cut stump treatments near other trees. Get one of these, and just daub it onto each stump you cut. If you don't sling it around excessively, it will not generally affect nearby plants.
Alternative herbicides would be Glyphosate (Roundup), & Triclopyr. There are lots and lots of commercial preparations for stump treatment, but they mostly rely on the 3 herbicides mentioned here.
You should get a strong marker dye rated for herbicide use if you are going to mix up your own stump treatment. Tordon RTU is the only stump treatment on the market with marker dye included in the batch.
by the way: the generic herbicide for Tordon is picloram, triclopyr is the generic herbicide found in many lawn and garden products. Glyphosate is the generic herbicide found in Roundup.
Tordon RTU is a mixture of picloram, 2,4-D, and perhaps surfactant as well as the marker dye. Should you come across it, Tordon 22K is okay to use, but needs severe dilution prior to using it on your stumps, as it is a concentrate only suitable for spraying larger areas. It does not contain 2,4-D
(2,4-Dichlorophenoxyacetic acid), and it is a restricted use herbicide.