Hi Greg,
Apart from what is mentioned in the article from IBM, you need to add a custom object for the specifications (CUSTOBJSPEC), create the corresponding database relationships (like ASSETSPEC, ASSETSPECCLASS, ASSETSPECDELETE, etc). Logic needs to be created for data to be properly created in the SPEC table. Depending on the requirement, you might need some configuration/logic to show the classifications for the new object in a drilldown dialog on the main record or in Advanced Search dialog.
What really helped in solving a similar requirement was checking what is done out of the box in objects like, WORKORDERSPEC and WORKORDER or ITEM and ITEMSPEC, etc. A bit of reverse engineering, but it worked fine eventually.
Hope this helps.