Gearing at 120, Do I Have This Correct?

That seems about right (few differences - try link below for updates)

you can buy some crafted 340-ish gear and a couple 355 trinkets to up your ilvl at 120, if you want to spend the gold. It should mean you start getting higher ilvl gear from WQs and Dungeons - since WQ drops scale to your current average ilvl.