lets talk about application deployment and database deployment seperatly
for the database, what you suggest sounds ok. if you deploy very often, maybe you will prefer to have a database ready, and then just clone it each deployment, that might save you some time
for the application, as far as i remember, where I worked, the deployment of the application to websphere was just creating a webshpere application using an .ear file, which was pretty simple. besides deploying the ear file, there was a one time configuration of the database connection, connection pooling etc...