That is the correct assessment, Archie Mac.
1. Curtly Ambrose
2. Wasim Akram
3. Glenn McGrath
I am not really sure on what basis you can argue that McGrath is comfortably ahead of Ambrose, when they were pretty similar bowlers, except that Ambrose was even more dynamic and probably an even greater game-breaker and match-winner. More importantly, he had the stunning ability to consistently get the job done in big matches when it really mattered, and when his team needed him the most. The West Indies fall from grace in the 90s, would have been so much worse if not for the brilliance of Ambrose. Similarly, if you substituted Ambrose for McGrath in that great Australian team, would they have been any less dominant or successful. I don't think they would be.
People who have a love of statistics seem to rate McGrath pretty highly, but based on everything I have read, most of their peers who actually had to face them in the heat of battle, generally rate Curtly Ambrose and Wasim Akram as the two best fast bowlers of the last 20 years. Shane Warne rated Ambrose as the best bowler he played with or against, basically saying that Ambrose could do everything that McGrath did, but that he was even more explosive. Most of the top batsmen around the world seem to echo similar sentiments, naming either Ambrose or Akram as the best fast bowler they faced during their career. They usually go on to say, that they were both close to unplayable in their prime.
Curtly Ambrose was arguably the most influential and greatest match-winner of any of the players in this list, and if you could only choose one of these guys in your team, a lot of good judges around the cricket world would choose him first.