Yes, that is correct. Start with TAS and work backwords. One benefit is that static presure doesn't have to be measured. This sensor could be very small, and could be used on micro UAVs (potentially even working on nano UAVs). The other advantage is that it should be accurate to very low airspeeds (below 10 kts)

Now, How does one measure True Airspeed. There isn't such a thing as a density sensor! I'm surprised no one has asked this question. Lets hear some thoughts? I have one method, but would like to hear yours first. My method requires near real-time processing , and about $50 in parts.