forum1103 is a better place to ask this. I'll assume you're in the US.
First half is more or less ASME Y14.5m-1994 1.5.3: UNLESS OTHERWISE SPECIFIED, ALL DIMENSIONS ARE IN INCHES.
Second half is similar to 5.2.11 (b): UNTOLERANCED DIMENSIONS LOCATING TRUE POSITION ARE BASIC.
So I would suggest you adjust your wording to more closely follow the standard, however, the basic idea is OK.
My preference is to indicate basic dimensions with the box around them per 3.3.4 & fig 3-7 but that is just my preference, the note about untoleranced dimensions does comply with the standard.
KENAT, probably the least qualified checker you'll ever meet...