Well that's in general; the only other optimization is to refresh DOTs before IR expires.
Beyond that, that's exactly what a Bard does to DPS. Straighter Shot usage is an interesting question though that would take more advanced statistical analysis to determine if it's really a benefit versus using it with static timing (e.g. when you need to refresh, only).
The only time a Bard does anything else from a DPS optimization standpoint is when they save cooldowns for specific fight mechanics -- which occurs often enough, but that's applicable to all classes (edit: which results in the Bard making 2 oGCD macros -- one with cooldowns, one with only the BL/ME so they can throttle their CD usage / saving). The other consideration is their utility which interrupts the above 5-button spam.
But that's just a variation of pewpewpew.