That seems about right. But I'd argue that the expectation of a continuous "well run" club is in itself a little unfair. There's not a club in the world that is perennially well run. It's perfectly normal and acceptable to be up and down considering the number of factors that affect a club, and the turnover of staff. We don't continuously spend enough to guarantee we'll finish above the rest, and certainly not Hearts and Hibs. We probably spend enough to ensure that we don't get relegated, which is why we never have been. A European place should be achievable every year. A European place is not guaranteed (as it is for the Huns and Tims), and a slight failure in the transfer market (say 40% success as opposed to 60%) would be enough to see us miss out. The margins aren't great and will never be.
Edit: to add, there is no correlation between being well run and the time it takes to appoint a manager, either.