You might consider dropping the H.M. down to 1 lb.... the time that I used 2 lb was a little cloyingly sweet. It imparts a LOT of mouthfeel too. It's really good, tho, I dig it! If you have a spare pound of pale malt or Vienna or something, that would replace it well. The C-120 will impart raisiny tones, if you're looking for a caramelly, toffee-y taste you would be more suited towards C-60 or so....
But I think the hop schedule looks just fine. SHould be tasty, but could possibly need a couple months to really hit its prime.
Just wondering, because I'm still sort of new to designing recipes, will having 1 more lb of base malt and 1 less lb of red wheat make a big difference?
Again, thanks everyone for the advice/kind words.
It's all about what you want to stand out. A pound of malt in a five gallon batch can make a big difference, regardless of the type. At the previous amounts, you're at an American Wheat level. By reducing the wheat malt, you'll be using it to add body and head to your IPA and not contributing as much of the wheat characteristics.
It's really up to you. On this note, experimenting will let you see first hand the effects of each malt, but you'll need a new experiment for each thing you change and that can take awhile. Reading about things can speed this process up.
I'm gonna have to agree with everybody else on the honey malt. I'd tone it down a bit. I'm an extract brewer and I recently made a sweet cream ale (not really a cream ale, but that's the best way I can describe it) with 12 oz honey malt steeped (so my effeincy wouldn't have been as good as yours will be all grain) and I got a lot of sweetness and honey flavor. Any more would have been too much, and keep in mind I was trying to make a sweet beer. I'd cut it down to a pound, or maybe even 8 oz if I were you.