I think there are a hundred effective ways to study the scriptures. While I don't think there's anything wrong with your plan, here are some other ideas (hope they help).
"Study" typically means you're after something. Pick subjects you want to know about, and use the topical guide or index to find references.
Something else I've done is critical analysis of verses in the scriptures. I always start with prayer, read the verse, and write up my critical analysis of what I think it means--whether it's right or wrong, I'm just writing what I think.
Good luck.
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