The transmitter is the correct wavelength for the receiver (940nm).
The modulation should be 38kHz.
The two components you have shown are pretty standard for IR remotes, but you will need some intelligence to send and receive.
Have you planned how to add the intelligence to the system? Will you be using encoding/decoding ICs, or will you be rolling your own using microcontrollers?
What are your requirements in terms of number of buttons, etc.?
/Mikkel Holm Olsen