Yes. That will work. I remember some people said that port 1 on a dp 44 switch would split OTA, but that has never been confirmed. It would reduce the number of diplexors, but your diagram, and wiring works.
Certainly less expensive, but the H3 solution only gives you one OTA channel at a time. The OP's original diagram gives him one OTA per receiver (assuming the all have OTA tuners). While it's true you can get the main broadcast channels via satellite, this isn't always true for the sub-channels. It all depends on how important OTA is to the OP.
With the H3, you could still route OTA to each TV but would need to run separate coax as the diplexers may have issues with the H3 satellite connection and/or MOCA.