No. Here is the formula:
max(racial tracking speed,
min(fire control tracking speed,
or(turret tracking speed,
ship speed)))
If that's too terse for you, you can think of it like this: If the weapone you are firing is in a turret, use the turret speed, otherwise use the ship speed. Then compare that with the fire control tracking speed, and take the lower value. Then compare that with the racial tracking speed and take the higher value. The result is the tracking speed that is used to calculate the chance of hitting the target.
Unless I misunderstand how tracking works, I think your more verbose explanation would start with “If the weapon you are firing is in a turret, use the turret speed, otherwise use the higher of ship speed OR racial tracking speed”.
Then further down completely omit reference to racial tracking speed.
The way you have it worded would imply that if the racial tracking speed is higher than the fire control tracking speed you could track faster than the BFC (I don’t think you can). It would also imply that the racial tracking speed could override a turret that is slower than the racial tracking speed (I don’t think it can).
Or, in summation “If the weapon you are firing is a turret, use the turret speed, otherwise use the higher of ship speed OR racial tracking speed. Then compare that with fire control tracking speed, and take the lower value. The result is the tracking speed that is used to calculate the chance of hitting the target.”
If I have this wrong, please feel free to correct me.