is this sentence acceptable ?

Could you please let me know whether this sentence is grammatically correct :

"it's a good thing you should tell me about that".

I initially thought it was wrong and that it meant either :

1) It's a good thing ! You shoud tell me about that (good thing) !

or :

2) It's a good thing (that) you should tell me about ! (tell me about that good thing !)

What do you think ? That's something I thought I should tell you about;)

Thanks a lot

Cheyenne