Would this be a good reactor setup?

Yes, it would work perfectly fine. So long as you supply enough Ice to keep it cool. If it runs out of Ice, then it will meltdown and explode.

However, there is some room for improvement. Here's a more efficient design:
http://www.talonfiremage.pwp.b…mnlvu0g3mz9splm0k86lsyfr4

Quote from MrSpencerRecor

Hello, sorry if this isn't 1C2 but, is this a good reactor setup? Or will it be bound to blow up? http://www.talonfiremage.pwp.blueyonder.…1e89xsh54j3elog

Just to confirm, this reactor setup is from IC² 1.103 and lower, which is Minecraft 1.2.5 and lower. You sure you're using the correct planner?
Edit: Derp about the versioning

If you are, this design is not that good. It will not blow up, but a simple rearrangement of cells will boost your efficiency up to 4.19 instead.

Rearrangement
This design uses the same amount of uranium cells, but 3 chambers less. It produces 1130 EU/t though, at an efficiency of 4.19. However, it does consume 572.91 stacks of ice, which is nearly 5x of yours. It has 5 unused slots, which can be filled with 3 more uranium cells and 2 more ice slots for an efficiency increase to 4.27, outputting 1280 EU/t but consumes 651 stacks of ice.

Classic Ice-CASUC 6-chamber design
This classic design uses 47 uranium cells, which is nearly 2x of your original design, however it produces 2070 EU/t, which is nearly 10x the output of your old design. The only downside is it consumes 1061 stacks of ice.

However, ice does cost energy to make (since you can't silk touch ice in MC 1.2.5) without EE2 transmutation, so you may consider a water bucket system. Its downsides are less gross output and a chance to blow up in the event of erratic chunk loading.

Depleted cells have a 25% chance to be left when a uranium cell finishes its cycles, or 8 can be crafted from 8 empty cells and an uranium ingot. Depleted cells can be converted to a isotope cell with one coal dust. When placed next to a uranium cell, the isotope cell will slowly recharge (I think it takes 1000 pulses, which means 1k seconds next to 1 uranium cells; 500 next to 2; 334 next to 3; 250 next to 4) into a Re-Enriched Uranium Cell. Re-Enriched Uranium Cells can be crafted with a coal dust to yield a fresh uranium cell. Breeder efficiency doubles every 3k heat, so it is good to have a breeder design that maintains the heat constantly at that temperature, and drop in a few lava cells/buckets to pre-heat the reactor to near critical temperatures.

Quote from MrSpencerRecor

Soo... the higher the efficiency the better? (and i'm playing on tekkit classic, I believe this is the right version yes)

Yes.

The efficiency of a uranium cell depends on how many uranium cells are next to it - the minimum is 1, and the maximum is 5 (with 4 uranium cells next to it).

This is then averaged with all other uranium cells to find the overall efficiency - the maximum possible is 4.44.

The output of a uranium cell is 10 EU/t, multiplied by its efficiency.