Oops, I didn't notice the schematic.
Yes, so much reverse voltage isn't necessary. Dirk is spot on about going on the 54XX series. You can again buy a UF5402 as a better replacement if you don't mind the extra cents.
By the way, I have a 1N5400 at hand and various 1N400X ones. The 1N400X are the usual size we all know, but that 1N5400 - it is big like a mouse!