Elizabeth,
that's very similar to my recipe...
except I use fresh chopped Quahogs (reserve the clam juice when opening)...
salt pork for the bacon...
some cayenne, to taste, instead of tobasco (I don't like the flavor of tobasco)...
and I add a few ribs of chopped celrey...
and I add the chopped clams at the very end, with the heat turned off, and just let it sit for about 20-30 minutes...
The residual heat will cook them, and they will stay tender, and not become rubber bands...
I'm not a big fan of using canned clams (they'll do in a pinch)... They are tough...
and generally speaking... canned clams are "skimmer" clams (or "surf" clams), not real Quahogs, referred to as "Chowder" Clams on LI...

Skimmer clams have the shells, found on ocean beaches in the NE, that everyone makes ashtrays out of...