I think it would be a fine load for Pheasants. I only use Fiocchi's Golden Pheasant loads for Pheasants. I use 2 3/4" shells loaded with 1 3/8 oz of #5. The load you mentioned should perform about the same. Make sure it patterns well with your specific gun/s you intend to use.
It should be OK for Ducks as well. I would use it more for decoying not pass shooting.