You're on the right track, with one slight mistake.
IMA is what the mechanical advantage would be in a "perfect" system ignoring friction. It is calculated using length/distances or velocities (velocity =distance/time))
IMA = Distance traveled by the Effort / Distance traveled by the Load
or
IMA = Length of the Effort Arm / Length of the Load Arm
or
IMA = Velocity of the Effort / Velocity of the Load
AMA is the actual Mechanical Advantage produced by the machine. It is calculated using forces.
AMA = Force of the Load / Force of the Effort
Note the Effort figure is in the numerator for IMA and the denominator for AMA.
In a 1st Class Lever, the Effort Arm can be greater than, shorter than, or the same length as the Load Arm, so the IMA can be greater than, less than or equal to 1.
Since the Load Arm of a 2nd Class Lever is always shorter than its Effort Arm, the IMA is always greater than 1.
The Effort Arm of a 3rd Class Lever is always shorter than the load Arm, so the IMA is always less than 1.
These relationships could also be defined using AMA and the Effort/Load Forces.
Edit:
mnstrviola wrote:I don't believe third degree levers have IMA. They actually require more work to lift a load no matter how you set them up.
But they do provide an advantage if your goal is to increase the velocity or distance between effort and load. The price to pay is it takes more effort (force).