You don't need to add an FTDI chip on the board. You can program (and use the serial monitor) your Arduino through an FTDI breakout, which you can use for any other Arduinos you are going to build. You save some bucks there.
Could someone knowledgeable please confirm that the USB as shown will allow me to program and use the serial monitor.
I'm not someone knowledgeable, but it looks to me (from the schematic) that you will need to program that ATtiny85 to be able to communicate over the USB.
Hi,
Can you tell us where you got that circuit diagram, and then we can possibly advise you.
florinc has a valid point, it looks like the atiny will need specific programming to use that circuit.
What is wrong with fitting ISCP headers and using FTDI breakout or ICSP programmer that you can get in ebay much cheaper than you could build one.
If it needs to be permanent then mount the two PCBs together.