Yes, that's how you would wire it, except you need 5 wires and 5 diodes for 5 questions.Also, is this how i would wire everything up(See Diagram Below)? dont mind my MS paint it was the quickest thing i could use.
Looks okay but you are ordering from several different places, which adds shipping costs. See if you can order everything from one place, like Mouser or Sparkfun.Here is my shopping list.
You are ordering 300 diodes when you only need 5 (order 10 or so).
The LEDs need a resistor in series with them to limit the current or they will blow, so you need to buy a few 200Ω resistors, 1/4 or 1/2 watt.

