Not sure about going with 1.05... The 1 in the formula should stay constant afaik and I don't know about the ramifications. Maybe it's fine?
This formula will be somewhat different to the framerate dependent lerp and you should adjust the factor accordingly. Basically the higher the factor, the slower the speed.(As opposed to the other way around) I found I'm having to use very small values to make it snappy, like 0.000000001
But the point is it's framerate independent so even if it's slower than it should be, it will be so across all framerates.