I think the routine is fine as long as you stick to light volume training for now, this is assuming you don't lift or haven't in a while. The only thing that worries me is the legs/shoulders, legs should really be worked by themselves b/c they are such large muscles. You don't want to overtrain yourself, its not fun. I don't mind going 5 or 6 days straight with training, I find I get better results doing a similar plan to yours but to each is own.
As for cardio the best time is to do it as soon as you wake up or after weights. If you do it in the morning I would recomend downing a shake then cardio then another shake then your meals as you have stated. This will help to maintain your LBM as well as burn fat. This will be argued to death on this board though and if you want try a search on the topic and you will find hundreds of posts debating it. Also a frequent answer to questions such as these is experiment. Try it on an empty stomach for a while then try it with a shake and see which works bests for you. Some have problems working out or doing cardio on an empty stomach and start to feel faint and others can deal with it. For me it sounds like you are heading on the right track but experiment, wait for more responses, and do what you feel is best for your body.
Best of luck.