Looks correct but it's really a lot simpler than that. The resistor formula is:
Resistor value = (Source voltage - LED voltage) / LED current.
Voltage measured in Volts, current measured in Amps and resistance measured in Ohms. So for example, with a 12V adapter, a 1.6V LED and current of 15mA (0.015A): R = (12 - 1.6) / 0.015 = 693 Ohms.
As that isn't a standard value, you can either make it up for combinations of resistors or just pick the nearest value of 680 Ohms.
Brian.