I agree that that would be the most likely window for this to have happened in, but also that it doesn't make sense. Ray found out who the Arrow was and was then wounded by Maseo IN THE SAME EPISODE, and it was a pretty fast paced one that didn't seem to leave any time for his and Felicity's little jaunt to Central City. Points that don't jibe:
1. Ray was looking for help in improving his suit after losing the fight with Oliver, and Felicity apparently suggested he get it from Team Flash in Central City. There was no reason for him to seek that help until after he'd lost the fight.
2. Shortly after the fight with Oliver Ray was mortally wounded, and then received his high-tech cure but was still largely in recovery mode. In Central City he definitely seemed to be in perfect health.
3. Right after the fight with Oliver and his change of heart, Ray was intent on trying to convince the police that the Arrow might be being framed. Not likely he would have left town in the midst of that. It was during a meeting to that end that he was wounded.
4. The latest episode of "Arrow" (which I have not watched yet so just speculating here) is most likely to take place immediately after the arrest of Oliver and Roy, so very unlikely that Ray and Felicity made their Central City trip after a sufficient time for Ray to fully recover from his wounding and after the arrests.
5. News of the arrests and the outing of Oliver's identity would have reached Central City and the whole country, yet there was no mention of it by Team Flash and especially Barry who probably would have wanted to get involved.
Conclusion based on the facts: The most recent episode of "The Flash" can not possibly have happened because there is no window in time for it to fit, yet somehow it did. I know we have to suspend a lot of disbelief in comic book shows but mere continuity doesn't usually get this twisted.