Yes, that is the correct way to set up a wheatstone bridge. A wheatstone bridge is excellent for detecting any slight change from a particular state of voltage/current (balanced condition).
I assume your sensor is R1? It has 54 uA going through it. Because I notice that R2 (470 ohm) has 232 uA going through it, which exceeds your specified 200 uA limit.
As you know, real resistors are not exactly the value they are labelled. That is why I predict you'll need a potentiometer to make fine adjustments.