The only issue that I would have with that prayer (as a Lutheran) is the very last sentence; Scripture is silent regarding the Saints hearing our prayers; but clear on the fact that they do intercede for us. Up to the last sentence, it is simply praise, honor to the Blessed Virgin.
We also have an example left for us from Martin Luther in his "
Evangelical Praise of the Mother of God":
"O Blessed Virgin, Mother of God, what great comfort God has shown us in you, by so graciously regarding your unworthiness and low estate. This encourages us to believe that henceforth He will not despise us poor and lowly ones, but graciously regard us also, according to your example."
Luther also used the pre-Trent Rosary, but cautioned that only those of strong faith should pray the rosary, as it could lead to idolatry, rather than contemplating the mysteries of the incarnation. I read somewhere, that he was buried with his rosary, as is still the custom today in the Catholic Church.