If you are assuming that both the goat and the chieftain's daughter want to eat the coconuts, and that the chieftain's daughter wants to run away with the goat (please keep fanfiction in RSP), then your solution doesn't work, because the chieftain's daughter eats the coconuts after step one.
Actually, there is no solution, because any pair of "items" leads to defeat, and you can only carry one of them at the same time. That's why you need to rule in that there is one pair of items that doesn't lead to a loss.
EDIT: To keep in line with the current F.DS meta, I had a 1:1 respect to post ratio for thirty minutes. It felt pretty great while it lasted, would definitely do it again.
Some problems don't have solutions. I learned that in my differential equations class. I was just following the meta of this problem.
If Ozle did have 3 arms, he could take the goat and the coconut, bring back the goat, and bring both the child and the goat.
I was taught a variant of the classic duck-feed-dog(thing that eats duck) problem with 3 missionaries and 3 cannibals. Two people can ride across the river at a time in a canoe, but the cannibals cannot outnumber the missionaries. Only the missionaries and the cannibal chief (one of the three) know how to canoe across the river, so each trip canoe ride needs one of those people on board. There is no bridge across the river.