I think you have it correct there. You would push it through (I'd screw the bolt in and push that, so the rubber stretches as it goes in) and then when you tighten it, the bolt will be pulled toward the flat flange, pressing the rubber out behind the fairing surface and pulling everything tight.
Regarding the buzzing, I wanted to mention that I created a post about this a while back. I'm not sure if it's the same with your bike, but with mine this was coming from the joint between the side and middle fairings. Just last weekend I finally got around to disassembling the front fairings, and creating rubber gaskets to line the joints where the side panels lay against the middle. The buzzing is now gone.
I made the patterns by getting them right on paper first, then cutting pieces from 1/64" sheet rubber (eBay). I'll post the patterns to my original post soon, so you wouldn't need to mess around with that process if you wanted to silence this. In the next few days you'll find a link here: