I would ditch the drip tray and bioballs and replace with filter socks... as you have it, there is going to be a lot detritus build up in the bio ball area and nitrates will be a problem. You need something mechanical to catch the waste before it hits your bio media, otherwise it will get very dirty very quickly.
You could probably get by with just the red bio media you have drawn, if it's ceramic rings or something unless you're planning to have it heavily stocked.