I think it's an inviting arrangement. It's kind of conservative seeing how the original has a similar, watery, ambient feel, and you also have water, a flute, and a similar bass sound, but I think the guitar helps to personalize it some more since it covers pretty much the whole length of the remix.
The main thing I would take another look at is the timing and volume on your guitar playing. Here are the timestamps where I find the guitar to be too late on the beat (only one or two strums at a time):
0:33, 0:37, 0:48, 2:22, 2:28, 3:01, 3:10, 3:15, 3:21
And here is where I thought it was too loud (for only about a second at the first timestamp):
1:07, 2:04 - 2:55
Also, the soundscape as a whole sounds rather washy, even for an organic, ambient remix like this. It starts being like that at 1:02 when that pad comes in; I think it'd help if you scooped the mids a bit (or a bit more) to let the flute or guitar lead come through. That way the lead doesn't have to be so loud, and it'll be easier to hear the bells in the background. Maybe slightly lower the reverb on everything, too, or raise the low cut (if possible) on the reverb so less low end is being reverberated, and so the bass can be better heard. I think it's most noticeable that the bass is hiding at 1:33 - 2:00.
Great arrangement! I'd say, the mixing is the main thing to look into.