Forgive me if I misread, but I want to just clarify this point:

We start as Unclassified, and pick 1 Favored Discipline as a result.
Then we can get our Classification and take the second Favored Discipline.

However, there are two areas of the "Unclassified" area that are interesting. Or if I read it correctly, two paths.

The first path if you take a Classification that gives you the same Favored Discipline as when you were Unclassified, is you swap your Unclassified Favored Discipline to something else. Therefore you can count up to 60 CP in two sets of Favored Skills towards TLs.

The second path based on the last section is that if you double up in the same manner, you can stay doubled up and count 120 CP in one set of Favored Skills towards TLs.

Example:

Sol starts Unclassified. He takes Combat as his Favored Discipline, and therefore can count up to 60 CP of Armor, Recovery and Vitality towards his Combat TL.
He then classifies as a Gimel (duh). Instead of swapping his Unclassified Discipline to something else, he chooses to double up instead. Now, 120 CP of Armor, Recovery and Vitality count towards his Combat TL.

Does that sound right or am I misreading it entirely?

Sounds right. I know there's a bit of a rewrite coming to that section because there's some wonkiness with some of the wording though.