Not @chrisdo, but the F4 is the current latest and greatest so you shouldn’t be out of date for a while. It just looks like it’s a pain to do certain things, like hook up a buzzer or LED strip. If you’re dead bent on getting a new FC (which frankly you don’t really need to do, unless no buzzer/LED is a deal breaker on this build), the Omnibus F3/F4 looks pretty good.
And yeah, that’s the basic concept. Make sure the correct ESC wires go to the correct pin on the flight controller. Don’t worry, it’s confusing for everyone at first, but when you inevitably go to build your next brushless build a few weeks/months down the line, it’ll be like second nature.