Hi Isaac, I think this is fine.
you wrote:
"Got it. To be clear, snip only the red wire from two of the ESC/BEC, but leave the third one intact with the red wire.
then connect each to its own separate channel on the receiver."
All correct in my opinion.
you wrote:
"As an aside, I will add extension cables to each one of the ESC's, but snip and insulate the red from two of the extensions. This way the full configuration on the ESC's is retained."
Very good.
Sorry if I was too detailed in my explanations, don't be offended if you already knew all the things I told you, but I have noticed (on other occasions) that taking things for granted is wrong.
Furthermore, I like to analyze the reasons behind some technical choices.
Many modelers do what they have always seen done without even understanding or asking themselves why.
The diagram you posted is fine in my opinion.
I noticed you don't have a rudder servo on the receiver, I'm guessing you'll just use the motors to turn.
You have many loads attached to the receiver, you will surely have already checked that the sum of their maximum currents does not exceed the current tolerable by the receiver.
The currents of the lights (if LEDs) and the siren are usually very low, I don't know how much the pump can absorb. In any case, I would do a little check calculation if I were you.
I agree with your choice to put fuses in the circuit.
Not everyone agrees with the use of fuses. I'm one of those in favor of using fuses.
I would also put them between the motor and the esc (but I know I'm exaggerating).
If you are interested, some time ago there was a discussion in these topics.
They can be interesting for evaluating the positions to be assigned to the fuses and their ratings in Amperes.
https://model-boats.com/forum/130229
https://model-boats.com/forum/130156