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This is how I paint skeletons, does it sound about right? The results look fine (Havent tried the rust effect yet.) IMHO. I'd upload a picture, but I have no camera and no phone.
A mix of Wych flesh and ushitabi bone, with a more Ushitabi for an older, yellowed look and more Wychflesh for a newer look, for bones
Leadbelcher for weapons and other metal bits
A mix of dryad bark and mournfang brown, amounts are up to personal opinion (I use 2:1 Dryad to Mournfang)
Give it all a Sepia Wash, then add effects (Corrosion and rust on the weapons, and any other effect paints you wish to use.)

For an even older effect, do touch ups in just Ushitabi without any Wych flesh mixed in.

While I'm not 100% on the new GW paint range, it sounds about right.
Personally I would fine a bone coloured spray paint (try larger DIY stores) & paint the metal a dark brown, give it an orange wash & then stipple a bit of the orange onto the blade & finish with a light drybrush of your metallic colour of choice (gold & brass done as usual).

I've been looking around for a Bone-colored Primer,but havent found one yet. I just use a black spray primer for the time being.
As for weapons, I actually alternate between this and warplock bronze base with a light coat of Hashut Copper.

this is the one time where spraying them white and dipping them in quickshade will do the trick. Then paint metallics and anything else you need, and hit with a layer of matte.

but to answer your question: that's exactly what I'd do. I read ushabti bone and "mix for darker" and "mix for lighter" and stopped reading. you're fine.