I have been doing this type of workout for about five months now, it's very close to yours...
I use a 5x5 routine, using 4 exercises per bodypart, sticking to a few staple exercises but switching others in and out.
Work out A-(mon.)
-Chest, and Back
Work out B-(Tues.)
Work out A-(Thurs.)
Work out B-(Fri.)
It worked really well with the 5x5. I was making great gains in strength and mass, Then about 3 months into it, i kinda hit a wall and seem really fatigued, workouts were not as intense, I switched back to a five day workout,(Again),or should i say one body part per week, i instantly started to feel rejuvinated.
Did this for about a month then switched back and am seeing gains again. So It will work just realize it can only work for so long then you will start taxing your body and mind, but good luck, it worked for me.