How to organize recurring tasks for a team of 5?

Our team is just starting to use Asana and we want to input all of our recurring tasks, their cadence schedule and an SOP surrounding this task. All in all, all 5 of us should be able to see a pipeline of all upcoming projects that need to be completed and if 1 person is out another person will be able to see the upcoming project, the related SOP and execute the task.

Our current thought is to set this up using a single project and listing all of the recurring tasks. Is this the best way or is there a better way?

I believe it is. You can add fields and sort/filter based on them. You can also make the best of tabs at the top, and create filtered views.