It is a good start. Something that will help with your setup is to make sure that the input to the pump is pointing down so the liquid comes up through the pump. I have heard that you want to have a drop before the pump to have gravity help you. I second the bleed off for your set up. change your T to a 4 way and include a bleed off like they have the November BYO article,
Build A Homebrew Pump, as well as your output to the recirculating whirlpool and the fermenter and you will be in business.
Have fun with it, I started where you are now and I am on my 5th version of pump configuration. Just find what works for you and if it doesn't, don't sweat it, take notes of what you like and move on.
Hope this helps,
-Timur