Hi, I'd say you're quite fine and in line with what farkas wrote. I guess the confusing thing for you (and us with the way you wrote it) was the modulation. As farkas lines out, the sequencing and/or modulation typically starts out separately and the joins the audio path wherever you want to add the modulation. You can add the modulation to the FX (which is what I think you described) or to any other module that can modulate (whether intentially or not ;-).
Your rack seems to cover all bases (and actually more) so go and play. I cannot see anything that could go wron, even if you patch "incorrectly" - if there is such a thing.
...As long as you really take care in connecting the modules to power the right way round, but that's another story...
Play! Ron