You do kind of a cross between a snatch balance and a heaving snatch balance (that's how I refer to them anyway). With a strict snatch balance I just drop straight down under the bar, no push at all. Heaving snatch balance, you give a little push to get the bar up just a tad before dropping under it. My only concern with initiating with the ankles is it may train you to start coming off your heels too early in the pull and catching the lift forward. I'm no expert, though.
The starting position for your hang looks pretty good, but your bar path swings out quite a bit. Keep it closer to your body. Remember that you are allowed to let your arms bend as the bar travels upward, you just don't want to actually pull with them.