Kevin, welcome. Yes, the Axioms give you an outstanding performance/price ratio and the system you propose should be excellent. As is my preference, I'd suggest that you also consider a vertical M2 for a center speaker.

The surrounds typically should be about 3' above ear level, but this isn't critical, and a slightly higher position hanging from the ceiling, such as Randy's, can work very well.

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Enjoy the music, not the equipment.