Well the colors you have match the first set of denoms you listed (At least in AC they do....but you can make the colors any value you want).
As far as the 1/2/5/10/25 breakdown you can feel free to use it, they are your chips. But the "normal" progression of chips is to have the next higher denom be 4-5 times bigger than the previous, especially when it comes to tournamet chips (cash game? different story). With the 4-5 times progression there are fewer chips to color up, and you need a lesser amount of chips to color up: for example if you used your breakdown 1/2/5/10/25 in a tournament setting when it came time to remove the 1 chips you would need 75 2 chips, compare that to using only 15 10 chips. Then if you compare the other breakdown 1/5/10/25/50 when you go to color up the 1 chips you only need a handful of 5 chips and you could use the 25 and 50 chips, and eventually you could possibly color up the 5 and maybe even the 10 chips depending on the starting stack and the number of players in your game.
Now I would say the most sensible tournament progression would be something like 1/5/25/100/500/1000. The 500 to 1000 step has been debated several times, and many suggest moving to 2500, but I don't, mainly because they don't have a 2500 chip at the WSOP.
As I said earlier these are your chips, you can make them any value you want, but if I could offer one more peice of advice I would suggest only giving out 2 or 3 colors for a tournament, especially if you chips don't have denoms. It will save you a lot of hassle explaining what all the chip values are over and over again.
Hope this helped...
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