Is this switching scheme going to pop or give me problems?

[mth5044]

Sorry for the lack of labeling. The in is on the right, then goes from right to left. I want the first switch to be regular true bypass, then when it goes to the second switch (the bottom left), when that is off, it will go right to the out without having the ability to turn on the third switch. Then, once the second switch is on, the ability to turn the third switch on will become avaliable, other wise, it wont be.

So is this going to cause any kind of popping or bleadthrough anything? The little red dots just show where the circuits will be go in/out and the left sides of the switches are for the LED's.

Am I OK with this setup?

Thanks.

EDIT: oh man, I didn't think it was going to be that big, sorry.