Hi Daniel!
Those parameters should be perfect for your population, except that I recommend running it "self-paced". In that mode, the image is one the screen for a fixed period of time (say, 2 or 2.5 seconds) and then disappears. Your participant can respond during the time that the image is on the screen or afterwards. In this way, you are guaranteed a response on every trial, whereas if you use a purely timed version and the participant doesn't respond in time, then data for that trial is not collected (and may disproportionately affect your trials of interest - the lures). The "self-paced" version provides control so that each participant views the item for the same amount of time, but allows more time for the response, offsetting motor slowing or executive-function issues that might affect your data otherwise. All of our aging studies are done this way.
Hope that helped!
Shauna