No, if you wire it like that, you will ground ground the tap wire in the #2 and #4 positions.... You don't want that. You want to use the tap wire instead of the normal hot wire.
I can draw up a diagram for you, if you tell me more about your guitar and what you want each position to do.
Or, if you just have the tapped bridge pickup, you can use this diagram with a normal 5-way switch:
http://www.seymourduncan.com/support/wiring-diagrams/schematics.php?schematic=tapped_tele_5way
You'll get:
1 - bridge (full)
2 - bridge (full) and neck
3 - neck
4 - bridge (tapped) and neck
5 - bridge (tapped)