that is partially correct. I would use utm_source=bing rather than MSN. If you make it match how GA reports the organic traffic from Bing, then you'll be able to report total search traffic as well combined in one report. It is case sensitive, so be sure you use all lower case, as that is how GA does it with the organic search engines. And you don't have to use all of the patterns. The only required ones are utm_source, utm_medium, and utm_campaign. I would just leave the others blank. GA will pick up the keyword already from the search engine without you having to tell it what keyword you bid on.
