Correct. Wingrise/Paragon/Exhilaration all come from combining the new badge tokens with the Liberty badge tokens, so essentially it's a one-for-one trade of the same badge. If you have something different, it will not work. Luckily, 3rd spec for FM has 2 badges listed as BIS; either Exhilaration or Exemplar. So if you don't feel like farming the new tokens/Liberty tokens, you can try for the Exemplar badge instead. Should be especially easy to obtain if you have the solar energies saved up.