I will be connecting BBB through wired network to the router. Now I have to connect my smartphone/tab to the same LAN. Which is not possible without wifi. This is necessary for the MPD controller "DroidMpd", Installed on my mobile, to control the music server on BBB via LAN.
Do shoot me with questions until it is clear to you.
I think you have taken the right approach for networking. I have suffered from using a wifi dongle and powered hubs for such bearbone devices. Many a time the dongle used to draw too much power from the board causing it to hang at times when the power adapter fell short of power. I found that USB powered hubs were as short of this extra power as 5V, 1A adapters. So I had to switch to 5V 2.5A adapters instead which too did not completely eliminate this problem but have of course minimized it. All gets resolved if I use wired LAN instead of USB over wifi.