You're going to find that just about anything will work, but the change I'd make is to start with (meaning this is where the water first passes) a coarse sponge, then go with the floss to filter out finer particles, and the last 3 baskets biomedia. Carbon is optional and can be placed with the floss just as you have. I just like to go heavy on a biomedia that doesn't get replaced. All media will do bio, but you're going to periodically toss the floss. Will it matter, really? No, but just suggesting what I'd consider optimal. In a fully established tank you're going to have biofiltration going on all over the system. Tossing some floss won't matter.
Instead of the floss you could go with a finer sponge that just gets rinsed. The only thing to watch with going too fine is that it'll clog and slow the flow down in the filter. Another option is one sponge and four baskets of biomedia. That'll give you a nice flow through the filter at the trade off of not filtering out really fine particles.
When you open the can to clean it, also rinse the biomedia in dechlorinated water to ensure that it's not getting gunked up. Clean oxygenated water needs to pass all around and through the biomedia for it to be fully effective.
HTH