Is this a good skateboard setup??

Yes, you will love that setup. I have a friend who has that element deck. He's had that deck for 3 months and not one hint of snapping. The trucks will serve you fine as you will being doing no grinding. Wheels are usually a personal preference, so if you like em, they'll be fine. Reds bearings are the only type of good bearings, so way to go. And grip and hardware doesn't really affect the that much soo.. THATS A GREAT SETUP!