Yes You have it exactly right, I calculated 237.6 ohms so your regulator should work fine. I would make one change and that is the pull-ups make the 2V6 side 2K2 (1 mA current drain instead of ~200uA) and on the 5V side 4K7 instead of 10K (1mA instead of 470uA) the extra current although minimal will enhance noise immunity.
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