Thats pretty much how i set up my water lines
my turbo isnt water cooled so instead i just ran that water line that youve put a "y" (i also used a similar Y intersection) piece around the back, past the turbo via a hard line i had made up at pirtek and then into where u have it...
then i just plugged that water feed/drain at the rear of the block on the turbo side..
if i had a water cooled turbo i woulda ran the lines the same as you have