Hi Abhishek,
Total of Your understanding is correct, but for printing the check on pre printed paper, You can go with the program RFFOUS_C and assign the script form at co.code level config to restrict the form usage specific to your co.code.
Payment medium workbench supports generation of File with DME engine through payment medium workbench format. these formats are given by the bankers such as MT940,BOI etc. it doesn't support printing of check.
Directly by executing F110 you can generate the check along with the payment run by selecting payment medium check box... after proposal run. no need of F-58 if you are using f110, if you want to use f-58 no need of F110.
Thanks and regards,
Surendra kotha FICO