OK, weighing in. First, it's very complicated. The arrangement of pictographs in archaic forms transitioning from chinese archaic seals to modern Japanese is almost impossible.
See this article about Hanji:
http://sealang.net/sala/archives/pdf4/kess1997psycholinguistic.pdf
Marc, you are close, but not there, and likely you can not get there by literal translation.
pictograms work in concert to create overal statements, the way a haiku does in poetry.
Signature seals are yet more complicated in some cases when traditional forms are employed.
Somewhat like using an archaic form of language such as thee and thou, or wouldst thou, etc.
As I stated earlier, Japanese Kanji are derived from Chinese Hanzi. Hanji is a way Hanzi was spelled frequently in scholarly presentations, and today would only be recognized as archaic.
If you want to know the meaning of the seal, take it to an old Chinese man and ask him to read it, and translate it.
No doubt he will become wistful, and with a far off gaze, give you a prosaic answer. Show it to 10 people and you will get 10 answers. Most scholars will get it however.
Oddly, you are close in one way, yet far from the mark in another.
My seal was created by a master carver/seal maker in China by a collector of my work, as a gift.
Mystery solved. Go back to turning.
