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I'm toying around with new Space Marine lists centered around the Skyhammer when I noticed the Standard of the Emperor Ascendant. Giving two full-size Assault Squads +1 A the turn they drop and assault seemed pretty good!

Here's what I came up with:

Chief Librarian Tigurius 165
Honor Guard (5) 245
-Standard of the Emperor Ascendant, Thunder Hammer, Drop Pod

These are from my CAD and come down turn 1 with the Skyhammer.

Skyhammer Annihilation Force
Assault Squad (10) 215
-2 Flamers, Veteran Sergeant with Power Fist
Assault Squad (10) 215
-2 Flamers, Veteran Sergeant with Power Fist
Devastator Squad (10) 265
-2 Multi-Meltas, 2 Grav-Cannons, Drop Pod
Devastator Squad (10) 265
-2 Multi-Meltas, 2 Grav-Cannons, Drop Pod

The Honor Guard arrive first, followed by the Assault Squads. The Honor Guard will run if necessary to keep the Banner in range of the Assault Squads. Tigurius will give Rending to one of the Assault Squad's Flamers via his warlord trait and will attempt to cast Invisibility on the Honor Guard to increase their durability. Tigurius isn't necessary for this plan at all, but I was taking him anyway!

I give the Devastators re-rolls to hit thanks to Ultramarines chapter tactics, who can in turn give the Assault Marines re-rolls to hit and wound if they fire at a unit before it is assaulted. Grav-Cannons with re-rolls are ridiculously good, and each Assault Squad puts out 36 S4 attacks and 4 Power Fist attacks with re-rolls.

The rest of the army is just Tacticals and Devastators with loads of 48" firepower.

Is this the wrong way to go about it? I want to have a devastating turn 1 and I think this is a good way to get it.

To make good use of the Skyhammer formation. It maybe worth considering include one squad or two Scout Bikers with locator beacon. That will ensure an accurate landing near your designate target. If that is not possible, have the 1st wave droppod arm with locator beacon is also good. Tough you have to let the Skyhammer strike down at 2nd turn, forming a Beta Strike.
Get Tigirius in the CAD and drop alongside the formation is almost a must have. You need that "Perfect Timing" to remove the 4+ cover save from that Wraith Knight with one of its toe touching the ruin, or otherwise you need double the fire power to destroy it.

I would drop the honor guard. Its very expensive and you should use these points for more supporting fire.

IF your assault squads can assault first turn then those honor guard dudes are already late to the party.

You could also get a Inquisitor with servo skulls + henchmen with plasmaguns (and maybe sum melta-bombs). and put them in a drop-pod. servoskulls reduce deep strike scattering and keep the scouting units at bay.