Should be fine. I use a similar set up without the raid targets. I don't see why it needs to be more complicated than what you proposed. It will likely be different for folks using a FTL setup, which I don't.

I also have a "/party Target X has been sheeped" in my macro.

You can use /assist party1 as well. That's what I use.

One thing is that with the [combat] qualifier you won't be able to sheep before the pull, if you ever want to do that. I often sheep and then pull.

The DPS macros can get complex. I really depends on your level and what you are doing (i.e., instances vs. quests).

For a long while I just used /castrandom X,X,X,X depending on the class.

I recently changed my DPS macros in an attempt to maximize my DPS for instances.

Regardless, what you have should work. I don't know if it's optimal for you as I don't know your level and where you are at in the game.

Here is an example of what I use for my fire mage. It's still a work in progress and there is some redundancy I haven't bothered removing yet. The commas just let me button smash my way through it so Scorch and Living Bomb are re-applied just before the timer is up. I am still trying to work out the ratio of Fireball to Pyroblast so I can attempt to maximize any Hot Streak procs that might happen. It's unlikely that I will be able to do much about this though.

The "Main" Macro:
/assist party1
/startattack
/click BT4Button97
/click BT4Button98
/click BT4Button99
/click BT4Button100

First "Button"
/assist party1
/castsequence reset=target Scorch, Scorch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

Second "Button"
/assist party1
/castsequence reset=target Living Bomb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,

Third "Button"
/assist party1
/castrandom Mirror Image,

Fourth "Button"
/assist party1
/use 13
/use 14
/castrandom Fireball, Fireball, Pyroblast, Fireball,Fireball,Fireball, Fireball, Fireball, Pyroblast


This is what I used to use. It also needs some work to optimize the DPS, but it worked reasonably well.

/assist party1
/startattack
/castsequence reset=target Scorch, Scorch, Living Bomb, Mirror Image,,,,,,,,,,,,,,,,,,,,,,,
/castrandom Scorch, Fireball, Fireball, Pyroblast, Fireball, Fireball, Living Bomb, Mirror Image, Fireball, Fireball, Scorch, Fireball, Pyroblast, Living Bomb,
/use 13
/use 14