With a stay of 14 nights, your new schedule is much better. As for the number of nights on each island, it's up to you.
4 nights is the minimum, however 4 nights on an island means only 3 full days.
If this was my trip I would only go to 2 other islands after Santorini. I take the time to visit the places I go. And I always rent a car on the islands so I can explore how I want, when I want. But since it's your trip, it's up to you
I know all the islands you have chosen, I have been to Paros and Sifnos several times for a total of almost on month each, I would still need about a week more to claim that I know very well these islands.
In Paros, Naoussa, this small fishing village has become the least authentic place on the island. Very promoted by social media influencers, it is now a destination for honeymoon packages with lots of high quality product boutiques and expensive restaurants. In my opinion, like Mykonos, it now looks more like a Las Vegas themed hotel than a Greek fishing village.
Naxos is the largest island in the Cyclades, I only stayed there for around ten days exploring the island by car every day... I don't think I know it well enough. It could be a good choice too.
Paros, Sifnos, Naxos are good choices. Folegandros too but it is a small island (barely 600 inhabitants) and very quiet, especially in May, with very few accommodation options.
You didn't mention Amorgos which is one of my favorite islands, 1h30 from Santorini.
From Amorgos you can reach Paros or Naxos then finish in Sifnos before returning to Piraeus.
https://amorgos.gr/
(there are two ports in Amorgos: Katapola and Aegiali)
Tinos is also possible provided you forget Sifnos / Folegandros in your itinerary. Daily ferry routes are incompatible with these islands. And ending with Tinos means that you return to the port of Rafina and not to the port of Piraeus.
Regarding the order in which to visit the islands you need to look at the ferry schedules on your dates.
ferryhopper is a good website to check timetables
https://www.ferryhopper.com/en/#/
Also try openseas which shows you the schedules for an entire week
http://www.openseas.gr/
Please note the first week of May is Orthodox Easter week with many Greeks traveling on the islands.
May 7 will be probably a day of ferry strike.