That being said, the approach of the tactic is my own. By that, I mean that it is build around the way I picture football and how I enjoy watching it. I don't mind taking 3 goals if I can score 5. This is the main reasoning behind it. It was made to create lots of chances from all around the pitch (basically, everyone but your two CD are part of the offensive plays. This makes it easier to score, but, obviously easier for you opponents to counter you. I enjoy that, but not everyone can sit watching his/her team shot 30 times to score one, and then see the opposition get their first chance on a corner counter & score it flawlessly. I don't mind that (it's been this way for somewhat 10 years already so I'm at peace with the way FM works now XD).
It is possible that some players get lots of yellows. As this mostly depends on the hidden "dirtiness" attribute, I suggest you to see for yourself how it goes, and tune down the Tackle setting of said players, if need be.
I like having lots of friendlies (~10/12 - 2 per week) against weak teams.
On the same note, if your next game is up against a very strong opposition, don't hesitate to go full match training on defensive positioning, it will make things easier.
I like to play on control regardless of who I'm up against, and I just adjust the D line. Usually, what works (for me !) when I'm up against a better team that gets the momentum going is to turn up a notch the defensive line & the pressing. That way you prevent them from playing the way they want to. So depending on how your game is going (you can see in the first 15/20 min), don't hesitate to change that. You can also alter your team tempo, if you see your players making too many mistakes by trying to play too quickly, just lower it a little bit.
For the full backs, look for the likes of Gaya, Alba, etc. Them having "Runs with ball down X side" is a plus.
Your two CM are B2B. I prefer having complete players here (like Bakayoko, Fabinho, etc), but you can make it work with more defensive oriented players obviously. Try to keep him on support duty though. Kante, while not being very complete, is a monster in that position due to his high defensive stats & his huge activity.
I tend to prefer inverted foot IF, but the game proved me that it's not an absolute must have, as Lemar on the left wing is having an immense impact on the games. So I'll leave that up to you guys
For your IFs & F9, I like quick players that are technical. Obviously if you can get your hands on some fast striker that are good in the air, that's nice, but it's not a must have.