No, this combo isn't generally a worthwhile use of actions
Your combo doesn't work. It wouldn't be difficult to patch, though, and it certainly isn't problematic for game balance, except that in many fights you may be unable to meaningfully contribute. This is in part because rogues are generally terrible in combat, and in part because your plan exaggerates the weaknesses inherent in the rogue while decreasing the average damage dealt each round by the character.
1) Standard Rogue Problems Made Worse
Rogues struggle to deal meaningful damage at a distance, because the range at which they can sneak attack is capped. Your strike requires the use of melee weapons, preferable light blades, heavy blades, and polearms. This means the combo limits you more or less to melee attacks and thrown daggers, the former of which is not really a viable attack form most of the time and the latter of which has a maximum range of 50 feet which will need to be upgraded via valuable character resources alongside your maximum sneak attack range
Rogues need to sneak attack every round to keep up on damage. You need to sneak attack every round to keep up on damage and you need to be able to draw a sheathed weapon to make your combo work. While your combo provides relatively decent sneak attack opportunity access, it's much easier to get access to sneak attack against opponents where that's possible than to ensure you have an extra move action to sheathe your weapon(s) each round. Essentially you are a rogue that needs to take a full round action to sneak attack every round, with a slightly relaxed version of sneak attack.
Many monsters are completely immune to sneak attacks. You don't really make this too much worse, since practically no creatures are immune to being flatfooted.
2) Brand New Problems of Your Own
You can't full attack. You get exactly one attack each round, and that attack can't even be modified by e.g. the Vital Strike feat. This is crippling starting at about level 5, and irreparably crippling starting at level 8. You can't dual wield, you can't use speed enhancers, you can't benefit from haste, etc. This is a big deal and easily halves the damage you'd otherwise deal at mid levels.
You need to use your move action every round, to sheathe your weapon so you can draw it next round or later that round. You have a little leeway on this, being able to miss one move action after the start of a fight before you are unable to continue the combo for a round, but it's still pretty sucky.
That said, the hypothetically fixed version of the combo is a good tactic at low levels, as it lets you regain your maneuvers easily and provides a damage buff to your allies. Even then, though, you should avoid targets with high flatfooted AC, since your maneuver is a consumable resource, and you should use the combo to regain maneuvers, not as a damage-dealing mainstay.
