Is this the proper way of switching the “Edit My Profile” link with my BuddyPress “Extended Profile” link?

Here is an example of what I’ve done:

<?php 
    $link = home_url( '/members/' . bp_core_get_username( bp_displayed_user_id() ) . '/followers/' );
    echo "<a href="". esc_attr( $link ) ."">Followers</a>";
?>

So maybe its home_url now, than site_url. In the echo, esc_attr gives out the $link.

Change the whole bp_core_get_username( bp_displayed_user_id() ) to whatever you need – wp_get_current_user() for example.