Curious why such a high shutter speed? I assume you will be panning with the aircraft, so imo you will get better pictures lowering your iso to 100 or 200, then you can lower your shutter speed a stop or two as well.
Honestly though, time of day and cloud cover are going to have a huge impact on your settings, so we really can't tell you if those settings will work. As was said above, that's as good a STARTING point as any....