In the sleep I'm calculating the remaining msecs to get to those 10ms per loop, so with more update/drawing operations it'll just sleep for the rest of the msecs needed...
That's basically how you reach a target FPS, yes. As you do more work, your sleeps will get shorter. There's a long thread here about Sync.sync() in LWJGL, which you should be able to copy and use in your code (it's not specific to opengl).
You should consider a target framerate no higher than 60 or so. Maybe 120, but only if your game is ridiculously fast-moving and you want to cater to the bleeding edge. People on laptops and phones will be happier with lower framerates if it preserves their battery.
If there's a sticky FAQ around here somewhere, "How do I keep a game loop at a target framerate?" should definitely be part of it.