I agree go, 2 0n, 1off, 2 on, 2 off. You've got the right idea for chest but I would do either incline or flat bench. If you want do both in the same session do one heavy and the other light. Also add some cables, good for getting theat squeeze.
Add bent over rows to your back work out.
Forget about training your arms on a seperate day. Do biceps with back and triceps with chest because the arms get worked hard enough with chest, back and shoulders.
Shoulders looks fine but I would be tempted to use dumb-bell presses instead of military and try doing some wide gripped uplright rows.
For legs add the leg press and leg extension.
By only making a few changes you'll find that your growing quicker and you have more spare time.