The main thing to consider is to have fresh air passing by your head on its way to pick up the chemical fumes. I think your way does that, if I have pitched it correctly.
As far as losing heat, the only way around it would be some sort of heat-exchanger between the hot air going out and the clean colder air coming in. $$
As an aside: I use acetone, so I am considering a collaspable fume hood -- some plexiglass sheets that can be quickly put together on my work surface to form an open ended box with a way to tie it in with the exhaust fan. I have done something similar with cardboard and clear plastic garbage bags.