Is this circuit okay? Arduino using MOSFET IRF540N as a switch for a motor

I don't understand, what do you mean?

I mean that what way round the motor is wired only affects the motor's direction, nothing else.

Yes you need the resistors I mentioned in my first post to correctly compleate the design. However because you are using a bipolar transistor in place of a FET you need a base resistor to prevent damaging your arduino. A1K should do.