Fixing my bathroom subfloor
	
	
		We purchased a house that is 105 years old about 5 years ago.  Twelve years before we purchased the house the house was remodeled with new electric, plumbing, and subfloor
  We have been remodeling since we purchase the house.  I am now looking to remodeling the guest bathroom.  I am removing all the appliances, stripping the walls down to the studs and, replacing the subfloor.
The subfloor has two layers.  The original tong and groove floor and Ύ particle board.   As you might expect, over the years the particle board has gotten wet and has swollen up in areas.  I am going to remove particle board and replace it with ½ BC exterior grade plywood.
Because it is a 110 year old house the bathroom floor is not completely level and has one area that is about ½ below the average grade of the floor.  I am considering using a self leveling product on top of the tong and grove floor, then covering the floor with 15 pound felt and then installing ½ plywood screwed down on a 6 grid pattern.  I will then float out the screw heads and seams and lay DuraCeramic floor tile with 1/8 grout spacing.
My questions are:
1. Is this a good plan?  If not, suggestions would be greatly appreciated.
2. What self leveling product would you recommend?  In selecting the self leveling compound, weight is a consideration.
Thanks in advance for your assistance.
Lonny