Yes, I think you are spot on with that. Thanks. I reread the order of effects section prior to your post, but was unsure if it was like the stack in M:tg, or if you choose the effect, it resolves, and you choose another effect, etc.

redocelot said:

Sorry I'm late to the party, and this may have been covered already.  But I dont think this is right

The text on femme fatale is:  "When you encounter that ice, you may spend 1 [Credits] per subroutine on that ice to bypass it. "

So that is pretty clear to me.  You encounter it, but then you can pay to bypass it.
 

As was suggested a few posts back:

You do encounter the ice, however there are two effects which the Runner can choose to resolve:

ice effect - when you encounter Toll Booth, pay 3 credits… etc.

Femme Fatale - When you encounter… etc

Since you are the active player, you choose which effect to do first, logically femme's effect, which bypasses the ice. now that the ice is bypassed, you no longer need to asses the ice's effect.

A similiar situation which is detailed in the rules about the order of effects when the Runner has Wyldside and Pawnshop in play. It is not that both effects are on some stack, so that the Runner is forced to draw two cards. The runner may choose to asses Pawnshop's effect first, and then not have to assess Wyldside's.