It looks fine to me. It would also fit into 4/4 but the main difference is where the accents fall. Usually, you want the downbeat to be the strongest beat in the measure. Combining the first line into two 4/4 bars would mean that the second beat of your current 2/4 bar would become a downbeat. If that doesn't seem right to you, I would keep it the way you have it. It's hard to say for sure without hearing it in the context of a piece of music, but I think it is fine the way it is.
Also, I'm not familiar with ukulele so I might be mistaken, but it looks like you have a notation error on the last chord. Outside of a few wacky 20th century composers, sharps and flats carry through the measure -- you have a C# repeated in the score while it looks like the tab says to play a C natural. Sorry if I'm off-base here.