Yeah, that's the correct format all right. Cool image! There are some issues you'll want to consider, though.

When making my own boot logos, I've found the following things:

1) A white background might look odd because of the contrast around the edge of the display. You'll probably want to see if you can redesign it to use a black background. Try both and see what works.

2) The shades of gray you'll get out of a PSP color reduction are going to be different than the grays you actually get on the Empeg. The two shades of gray are darker than you expect in comparison to the white shade. The white is much brighter than the grays. You'll need to do some trial-and-error before you get the grays exactly where you want them.

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Tony Fabris