When people are saying "less is more" they mean that you are going to end up mixing two or four mics. You can capture a good picture of the sound with the stereo pair in the center and the two 414s in omni as outriggers. Spend most of your time working on positioning the band and the main microphones.
While that is probably the basis of the sound you might as well mic the sections and the soloists to give you more control over the mix. I like your plan for the rhythm section, but if you went with one 451 overhead on the drums you would have two sdc pairs for the sections. I'd put the K2 (right? not K7) on one of the soloists.
Of course, I'd probably change all of this after hearing the band, but that's where I'd start if I was working with that mic collection.