I happen to believe your assessment is correct. Does the First Amendment allow for the practice of a religion based on the Koran?
YES. All you had to get to there was "Does the First Amendment allow for the practice of a religion --" and the answer is yes. Specific practices of the religion may be outlawed (eg polygamy, a practice in a number of religions, is not recognised in the US as valid). A religion cannot be outlawed.
Well .. it allows Wicca - which is satan worship ..??