bathroom vent/heat lamp combo

I have a nutone vent/heat lamp combo for a bathroom. The install diagram shows how to have the vent and heat operate separately but only with a combo switch. I would like to have a time operate the heat lamp instead. I have attempte to adapt the nutone install instruction for this purpose. Would someone see if I have the diagram laid out correctly (see below)?
diagram

It looks good, assuming the blue wire in the Nutone unit powers the heat lamp and the red powers the fan. Does the fan work with the vent switch? Is the time switch one of those windup switches that you have to turn past 5 minutes or so first? You could check its operation by temporarily substituting a standard off-on switch for it.