Yes, it's far too little volume and frequency.
Understand Wendler's experience level, goals and position when he thought up 5/3/1. He was losing weight, the bulk of his weekly work was on conditioning. He was already bull strong. He didn't need a massive amount of frequency he had years and years and million of reps ingrained.
You are in a very different situation to him. You need to get bigger, not smaller. You aren't as strong as you need to be and you haven't logged thousand of reps. You need higher frequency and more work. I'd stick with the Madcow or if you're very bored check out the sticky at the top of this forum; a few guys have had some luck with it.