You have the right idea. This pair should produce nice offspring - they compliment each others flaws. Never the less you will have to selectively breed further until you produce perfect color and form.
Something often overlooked is the ventrals . . . when buying young bettas, DO NOT buy the ones that show possible splitting (look at male). His ventrals will split as he gets older. If you use such males (as we often have no other choice) carefully select better form for further breeding and hope you can breed out those splitting genes.
The female has tiny spikes on her fins. You want to get rid of that too. So breed F1 with clean outer fins (like the male). A round perfect "D" shaped caudal is preferred (like the female) - not spade shaped caudal.