Hi all, Yes I'm a newbee

I'm getting ready to setup my tub/shower and was wondering what's the best approach?

Install tub, install cement board over tub flange and 1/4" above tub surround, bead of silicon along bottom of cement board and tub, apply kerdi membrane over cement board, tile, and add a bead of silicone between tile and tub.

Does this sound about right?

That will work fine. You can also use regular drywall if you want. It's cheaper, cleaner, and much easier to work with.

Thanks,
I think I'll use some sort of protection on the studs prior cement board. (tar paper)

You don't want to create a moisture sandwich by having two vapor retarders, such as Kerdi and tar paper. Either use Kerdi by itself, or cement board with tar paper.

Good point