There is nothing wrong with what you have - but there may be ways to improve.
For the calendar schedule you are using, the exclude days are redundant as the schedule will only run on "Include Dates". As defined the backup will start just after midnight on the first of the month. If this is what you want then that's fine.
What some companies do is rather than specifying the 1st of the month, they use the first or last day (e.g. Sun) of the month - this way the backup runs on a known day of the week (rather than jumping around month to month).
Specifying a different start window may also be desired to start the backup at a particular time of day. Best way is to define a start window for for one day (e.g. 7pm-11pm) and then duplicate this for the remaining days (if you use a specific day of the week for the monthly backup, you will only need to specify the start window for this day. How long the backup takes has no bearing on the defined window - it only defines the allowed start time.
You daily backup will then daily (frequency of 1 day or better is to use something like 20 hours to avoid schedule creep) and set the start window as above and duplicated over each day.
There is no need to do anything special for when the schedules overlap, as the schedule chosen will be the one with the oldest last start date (which in your case would be the monthly).
