I would say there's really no right or wrong way to plan your split schedule, but I'm saying that with the premise that the schedule should be varied periodically.
Assuming you mean that the 4-day schedule will be done weekly, the most important thing is that you work out each muscle group every week and try to get some recuperation time in for each muscle group.
The reason for changing up the schedule is that you'll always have conflicts with overlapping muscle groups and adequate recuperation time.
For example, in the question, there are a few potential conflicts:
- Day 1 & Day 2: Deadlifting the day after squatting could be pretty tough
- Day 3 & Day 4: If you incline press on day 3, it's going to affect your shoulder presses on day 4
However, these are not criticisms of your schedule! These conflicts are unavoidable when trying to work out every muscle group during the course of a week.
So, every so often, change up your split schedule. My target is sticking with a schedule for 8 weeks, take 1 week rest from lifting, and then change everything up again.
So, maybe for your second schedule, you could do
Day 1: Chest/Abs
Day 2: Arms/Lats
Day 3: Shoulders/Abs
Day 4: Legs/Back
Changing the schedule now and then can help push progress along and make things more interesting if you get bored with the schedule. Also, you'll be really happy to replace particularly grueling combinations of workouts, such as the killer Legs/Back day above.