I wrote it in a way that I felt more people would understand, but yes, you add the numerators and add the denominators separately.
The points possible is taken into consideration.
Your statement does not align with the way that Canvas does things. Canvas does not weight them equally unless you weight them equally based on the number of points.
If you want to drop them based off of percentage in your way, then one way to accomplish that is to add another assignment group worth the 50% and make what you have worth 0%. In that assignment group, create assignments that are scaled to 100% and apply your rule to that group. Another way is to just put the single adjusted grade (after you have manually dropped the lowest) into that category.
Or, you could give the students a boost and let them get the best they could have and not mess with the extra work.
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