Yeah, more or less. Also, I feel you are unaware of whole Polabian Slavs thingy. I see no reason why Norse could not conquer and partly assimilate, partly exterminate them, instead of Germans. Also Nrthern Belarus (Polotsk and all that jazz) can be Danelawed, so to speak. Longboats can sail far up Dvina and tributaries, you know.
I am aware of the Polabian Slavs... Its just that a stronger uber-Frankish Empire would want to take it too...