Only you can know whether or not it is correct for you. At this moment your primary goal is to make sure that where-ever_you_installed_RTW_1.5 = where-ever_you_installed_EB. If both paths are not equal you have not done things properly.
(And we already know that at the time you posted your problem, this was not the case for your OS informed you of the mismatch.)
Since you use Vista your second concern is laid out in Note2 of the guide.
Finally, whatever the details of the shortcut are - they do not matter now: the shortcut itself points towards RomeTW.exe (a non-existing thing) inside the folder you choose to install EB in.
--
So:
The easy-but-timeconsuming fix:
1) Uninstall EB.
2) Re-install EB, as per guide-instructions.
The laborious-not-as-foolproof-but-quick fix:
1) Manually drop the entire EB folder on top of some folder which contains a clean install of RTW 1.5 i.e. it contains the RomeTW.exe version 1.5 (the version number can be verified in-game in the options menu)
2) Manually adjust your shortcut to point -or create a new shortcut- to aforementioned RomeTW.exe with the required additional parameters -mod:eb -show_err
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