This is a delightful psalm.
One verse of interest was 11, “But the meek shall inherit the earth,”, which links to the Beatitudes in Matthew 5; verse 5 reads, “Blessed are the meek, For they shall inherit the earth.”

What is meant by “a good man”?
Used here, it refers to those who trust in the Lord:

3  Trust in the Lord, and do good; … feed on his faithfulness.
5  Commit your way to the Lord, Trust also in Him,
7  Rest in the Lord, and wait patiently for Him;
34  Wait on the Lord, And keep His way,

“Steps … ordered by the Lord”
God is in control where we are not.  As we trust Him, our fallen, unruly conduct is overruled by Him.  When we seek to follow His plan for our lives, He guides us along the way and provides what we need.
It shows God’s grace.  Regardless of what we do, He reigns supreme and achieves His plans.

“Delights in his way”
This is a wonderful picture of how God delights in our journey as we follow Him, in a joyful personal relationship.

“The Lord upholds him”
The details are given in verse 40

And the Lord shall help them and deliver them;
He shall deliver them from the wicked,
And save them,
Because they trust in Him.

I hope you can share with me in looking back and finding that no matter how we may have messed up, when we trust in Jesus, then by God’s grace we have been delivered to do wonderful things He has planned.