What you’ve done looks fine. I missed the part with Command-K opening a sheet - you’ll often need a pause after something like that because the focus changes, and an animation is involved. Similarly, after the Return which closes the sheet. Those would be the two places where a Pause is likely needed - there is no way for Keyboard Maestro to know that a sheet, with its animation delay, is invoked at that point.
As to whether there is a better way - none that I can think of short of the RTF hack I described here.
And while it makes sense to ask “is there another/better way to do this” as an opportunity to learn how to do more with Keyboard Maestro, generally if you have a solution, there is little point in looking for a “better” solution unless its something you do a lot. You’ve already gotten 90% of the gain, spending time to get the remaining 10% is likely to be rewarding only if you enjoy the challenge, not from an actual productivity standpoint.