yes, the idea is that where there is Ha at strength 1, there is Hb at strength 0.2-0.3; Hb is deep blue. however of course atmospheric extinction means that you wouldn't necessarily see that exact proportion if you had an Hb filter... so it's kind of fudged. the 0.8*OIII is because @ 496um, the OIII signal is 100% green and about 75% blue. you might experiment with that proportion as well.
you will get different results depending on whether or not you have linear fit the OIII to the Ha. while there is no physical basis for linear fitting them, the combination may look better as usually the Ha signal totally dominates the OIII and in the combination you don't really see the OIII at all if they are not linear fit. since it's a narrowband image, you might as well do what you think looks best...
rob