As long as you're sitting a good distance from the surround speakers, then your set up should work fine. There is a problem, which I have experienced, of getting the effect of having monopole surround speakers sounding like two open windows, i.e. the surround sound is non-immersive. It's always better to position surround speakers in a reverberant part of the room, as this will heighten the surround effect.
Non full-range surround speakers should be okay for most music, as long as they are being used for ambience. As for the subwoofer, unless you have acoustical treatment (basstraps), I'd suggest sending all the bass to the main speakers, or use as low a crossover as possible. There are some films that make use of full-range rear channels, eg. Saving Private Ryan, so ideally you'd want full-range rears. The more efficient (bass-capable) your speakers are, the less work the subwoofer will have to do. You should also get smoother bass response throughout the room.