That's basically how we set-up our mugs for photos. Gives full coverage of image so all good. We do bit of a lower angle but that's really down to preference.
Reflection of the sheet is not good. Try using some black reflectors as well as white to get a better shape in the black section of the mugs. You need to make a white tent or box and poke the lens through.Then tweak the reflections with black reflectors. Tricky subject but not impossible.Just plenty of patience and ignore anyone who says " Its just a pack shot" These shots take time to get right.
Good luck, Richard.