Not quite right. With indirect speech, the verbs all have to go one step back in time.
For example :
"Will you help me?" ---> I was wondering if you would help me.
"Can I have a word?" ---> I was wondering if I could have a word.
"May I go to the bathroom?" ---> I was wondering if I might go to the bathroom.
Would anyone ever say that in the real world? No, nobody. Asking permission with "May I...?" is actually quite rare nowadays, and we never use "might" in this way any more.
In modern English, if we want to ask permission, we use "Can I...?". To be more polite or tentative, we say "Could I...?". And if you want to be even more polite and tentative, we use ( as you suggested), the indirect question, "I was wondering if I could...."
For example, you could ask your boss "I was wondering if could go home early tomorrow".
Forget about "may".