Those shortcuts seem correct, but I don't know for sure as I'm not familiar with setting up the Steam version.
the Black and White ironsights are caused by starting up Forgotten Hope 2 with the regular Battlefield 2 shaders and as a "mod", the FH2.exe does not work not because the shortcuts are wrong, but because the Steam BF2 exe prevents the FH2 exe from doing its proper work, lately I've been using an AutoHotkey workaround that makes the shader switching automatic.
But anyway, githma, the thread linked above by N24Reporter should help you in getting the shaders set up correctly for FH2.
Also, do what Abaddon said above, make a cleansweep of the shader caches to avoid further problems (such as weird-looking camo nets), and hopefully everything should be fine.