Okay, this is what I'm going to do to make this work.. Someone jump in and steer me straight if there is a problem with this setup:
What I don't like is that it goes from 4" down to 3" at the bushing, and then back to 4" for the remainder of the drain. I guess there's no problem with this though?
The closet flange is shorter than the 4" 1/4 bend, so my flange should be a bit lower.