The fernco won't go over everything like I hoped. I went ahead and bought a corrugated connector and I think it will work. I tried it in a scrap piece of corrugated pipe and I ended up having to cut it off, it really sticks in there and it does strengthen the connection.
So right now the plan is: silicone the connector to the schedule 40 and corrugated pipe, use water proof tape, use the heat shrink tubing. wrap in more water proof tape, and pray...
I was going to get a water meter box and put the connection in it if I ever had to work on it, but my brother in law thought that was a bad idea