As tqFan said, it looks like you are building a Light’s Guardian Vindicator. He already linked three endgame setups for that build. However, he forgot to link you to the budget version of the build by Nery: [1.1.2.5-1.1.9.1] Beginner's Lightning Vindicator caster. This is, imo, the most important guide for you to look at since it builds a very strong storm totem vindicator without the need of any endgame gear - so it is a beginner-friendly build. It is also a very good starting point for Nery’s endgame Light’s Defender Vindicator, which tqFan linked in his response.
Regarding the strength of the build, Light’s Defender is one of the strongest Vindicator builds in the game. With the more tanky version from Retal_Abuser, you can probably do all content available in the game. I would say this is a very strong build for your first character.
Yes, you understood it correctly and the link works fine. Look at Nery’s beginner’s guide to upgrade your build accordingly. The most obvious upgrade suggestions I noticed would be: getting a Fettan Mask (Ultimate version if you have access to it, but Elite version would also work until you reach Korvan Sands on Ultimate), a Ugdenbog Stormstrife, and a Groble Sky Effigy. The most important of the three is the Groble Sky Effigy imo since it greatly boosts your Storm Totem. You should also hardcap Storm Totem since it will be your main damage ability.
The issue with Fettan Mask is that you would lose the 15% phys res bonus from your Praetorian Set, and your phys res without it is zero. You could fix this by resetting your Devotion Points and copying Nery’s Devotions three (which has more phys res nodes) and getting phys res on other gear pieces (like pants, chest, or boots). Another easy fix would be to just transmute your Praetorian Helm into a Praetorian Chestguard and use it instead to keep the 15% phys res bonus.