This beautiful waltz sounds so good on mandolin. It sounds even better if you engage the "swing" feature in the Tunefox player. It id very common to give waltzes a swing feel. The chord changes really help the song come alive in the B part. Check out the licks to add tremolo, Bluegrass, and Celtic flavors to your arrangement.
Pay attention to the suggested pick direction. This pattern of picking, where downstrokes are used for downbeats, and upstrokes are used on upbeats is known as down-beat driven picking. It is essential to great mandolin playing, however, rules are made to be broken.
There are definitely times when a constant downstroke or upstroke can help us bring out a certain character or tone in the song. This waltz is a great example of a time when you can, but don't have to, break that rule. Constant down strokes here will help give this waltz a great rhythmic feel and consistent tone.