Not quite - path to hl.exe should be c:\games\hl\hl.exe, since that's what is being launched, then you would have two command-line configs - CS 1.5 and CS 1.6, which would have -game cstrike and other params you want.
Then the final string would be <game exe path> + <command line params config you selected (or default)> + <connect string for that gametype>.