Anything that could go wrong on a really long distance trip while using these?

Anything could go wrong with anything, but I don't see anything that would be a definite problem with this setup. I'd just keep a close eye on everything as I was travelling along. The rigors of a long tour can cause equipment to fail.

Since you have rigid "panniers", how about a rigid top for at least one of them? It would be a place to store bread and other food away from raccoons, squirrels, crows, bluejays, etc.

I have a 4 person tent but it was given to me for free, only used once, and is very nice quality so I figure it means I can store my bike and gear in the tent also to protect my things.

Weight is the bane of touring. After a few long hill climbs and a few broken spokes you may be sending home anything you can't absolutely live without. Your "luggage" setup looks a bit heavy to me. Then there's the 4-person tent. You may want to rethink that. Of course, I've seen people riding along with the kitchen sink on their bikes and smiles on their faces.

To me keeping my bike out of the weather at night isn't a concern. Riding through a couple of rainstorms in the day kind of makes keeping it dry at night a moot point. I put a plastic bag on my saddle so I don't have to sit on it wet, lock it up, and leave it out in the weather. I oil the chain when it needs it and the bike seems no worse for wear.

I question some of your projects (the bamboo?) but I like your style! When I was first starting touring I had to make do with some unconventional stuff, but I made it work and had a great time! Of course, I immediately started coveting a "real" touring bike with "real" racks and "real" panniers and "real" lightweight camping gear. But going with what you've got is better than not going until you get what you don't got. (I was going for a folksy aphorism there. Excuse the grammar. )