Yes. that wiring diagram is O.K:
Now you have the board's schematic to match, you should be able to see why I recommended wiring it that way.
Edit: Sorry, I got Gnd and Vcc positions swapped on the 4 pin connector on the schematic. See revised schematic above.Its a variant of #1. Just rearrange the order of the series components in the opto input and output circuits.
N.B. if you use the external 5V PSU to feed any sensors or other modules that directly connect to the Arduino, you loose the benefits of optoisolation. OTOH the relays provide isolation on their own.