Yeah, that is more or less correct, as I see it. The only issue I'd take with your post (or his "compromise" or whatever) is he not only puts in enough earmarks to get his district's fair share of federal money, IIRC (From the 2008 election so it is a bit hazy) he had more earmarks than any other congressman.
So, you know, he is playing the game and playing it pretty damn well. So I can't really fault him for that. But it kind of negates the "well, I'm just trying to get my fair share" argument and moves it more into a "I'm gonna get mine" argument.
That all said, I don't understand how he could position himself to get that many earmarks into bills. I mean, it isn't like anyone is going to let him put in an earmark with the hopes that he'll then vote for the bill. I mean, everyone knows he is going to vote "no" regardless, so if I was a congressman* I'd just say "fuck him" and deny the earmarks.
*Blah blah, I know a single congressman can't block specific earmarks, but you get the gist of what I'm saying.
**Bonus points for anyone who points out that I am wrong about him having the most earmarks tied to his name. I'm fairly certain I am right about that but then again it has been a while since I've looked at it so...