I would say - No, you haven't made a mistake.
Take a look at this video:
Back to Eden
A few caveats -
I've mulched areas like this and had slug problems.In the video he talks about using wood chips, but is also using chicken bedding/compost/manure for fertilityIn the first 12 months after spreading I have had nitrogen deficiency issues in some plants (some of the chips were turned into the soil by accident while dealing with a bindweed root infestation)
Some plants do really well on wood chips, some less so... my strawberry plants have been great this year having never previously had any joy with them, fruit trees and comfrey do well, slug delicate plants have struggled (beans, peas etc...).
Probably many of these issues would be resolved by adding chickens into our mix, which is planned for next year.