Pretty much that yes. For a particular form of lead, X% will be absorbed by the body by whatever route in question. They will quote different percentages for various compounds, and physical forums, say large lumps vs powders, or if another component helps it along, or various routes, say through the skin or injected, instead of swallowed. FWIW, lumps of elemental lead, or mercury as another example, are not well absorbed by the human G.I. tract. (Not that people should go around eating those.) However, certain soluble salts, especially organic salts, are very toxic by ingestion. Even worse by inhalation.