No, it's not correct. You setup encapsulation as Frame Relay. Wont work unless you have a frame switch ( or a router as one) Use HDLC as the encapsulation.
The subinterface is fine.. IP is fine but why the class C mask on a class A address? If you are trying to get something up and running for the first time, lets keep it simple. Use a class C and the normal mask. If you want to try best practices, use a .252 to get the 2 host IPs. This is good a security trick.
!
ip address 192.168.50.5 255.255.255.252
!
! this gives .5 and .6 as the two IPs. .4 is the wire and .7 is your broadcast
Mike S
"Diplomacy; the art of saying 'nice doggie' till you can find a rock" Wynn Catlin