It depends on your webserver setup, but generally that sounds OK
You might want to further restrict your config file if you are on a shared host.
Note that 755/644 is a false sense of security.
I can write a file in any directory regardless of permissions on a server with posix support (any linux server) by being able to switch the PHP username to yours. However, Safe Mode and/or Open_base_dir will prevent the posix trick from working (unless of course the code is executing from your own directory)