I tied a bunch of these up and that is indeed exactly how you tie it. I found that a light drop of crazy glue or similar glue on the shank prior to tying in the furry foam helped with securing it better. The first couple spun around me somewhat. Cut the part of the furry foam that will be secured to the shank at a "V" angle to reduce bulk and simplify the process.
Obviously, keep in mind that the hook shank rides up and I think that the dumbell eyes secured to the top of the hook are all the wieght you need. I fished at Turneffe Flats several years ago, which is where Craig Matthews fishes every year. "Pops" was my guide, for which Craig's Pops bonefish bitters pattern is named, and he told me not to even bother using the few patterns I epoxied on the one side. The flats in Belize are generally shallow with spook-easy fish, so I would probably skip the epoxy part, the splash is something to consider in certain situations. In deeper water, the epoxy is probably a good idea. The original pattern also calls for the legs to be tipped in red. I went to a craft store and bought a small bottle of oil-based red paint and just dipped the tips in that and let it dry overnight. Probably doesn't make a difference, but I tend to be pretty anal about my ties. Have fun tying those, and even more fun fishing them.
I have an old thread about tying the bonefish bitters patterns that I got some great feedback about. That is a great pattern. If you are interested in tying some of those and need info about making the blanks, search my old threads and you'll find it. Great pattern. Keep your Belize patterns small. Good luck.