Your shichi-mai setup will work, but the core will disappear into the damascus for the most part.
You might want to consider moving the layer of nickel between the damascus and the core. It creates a hamon looking effect.
Comments and suggestions:
Be aware that the problem with too many layers is that none of them show much. Another issue is trying to keep the core straight.
The wrought iron will look and etch different after welding up the billet and drawing it out. Usually, finer grained and less fibrous.
Depending on how distinct you want the white stripe, use .020 or .040" nickel.
I would suggest trying a simple go-mai with WI/Ni/core/Ni/WI first, then see how it comes out when forged and ground to shape.
My favorite mix for a high-end kitchen blade is 26C3/nickel/wrought iron (san-mai), or, 26C3/nickel/damascus (suminagashi). The nickel makes a wandering hamon effect. I use this on blades that are katakiri (single bevel), with the 26C3 ha-gane (hard edge metal) creating the shinogi (edge bevel) and the wrought iron/Ni or damascus/Ni being the kitaeji jigane (upper layers of soft metal). Done with wrought iron, the upper bevel is left kuro-uchi.