How do I set up G1000 GFC700 autopilot for takeoff?
This looks like a proper setup for an autopilot controlled climb up to 5000 feet. One way to know for sure is to see what the Flight Director tells you. Does it seem reasonable and correct?
Also, prior to taking the runway, you should test the autopilot disconnects. Some of the more common ones are:

Can you overpower the autopilot manually.
The Control Wheel Steering button
The Autopilot immediate disconnect button on the yoke.
The electric trim buttons on the yoke.
The Take Off Go Around button on the panel.
The AP button itself
The Autopilot circuit breaker (this can only be tested during preflight inspection since completely restarting the G1000 will be necessary).