That set up will serve you just fine. I take it for granted that you will not be doing any offroading with that bike, hence balance and strength is not as great of an issue as if you were. I rode with a similar setup on a 2000 CBR 600 F, though with soft side bags instead of hard.
I also had the top box and a large tank bag + my wife as a passenger. The soft saddle bags were extended (width) and packed full. Although this set up was a bit lower than the one you are looking at, we were quite heavy with the passenger and all. Balance was only an issue when she leaned back against the top case, and then not even very severe. I could offcourse feel that the setup was not ideal, but it was really no big deal. Keep all the heavy stuff low and front, and your light stuff such as sleeping bags in the top case.
As for the looks, I wouldn't worry to much what others think. Go with whats practical and affordable to you... and with your own personal tastes. If you are really concerned about cred, then you "must" get a different bike all together, a real enduro or adventure bike with all the zillion dollar upgrades and gadgets. You "need" the biker's equivalent of going duck hunting with an RPG7 Bazooka... silly ofcourse.
On my next trip this June I will be riding a Vespa PX200E through Africa. It will look something like this:
How stupid looking is that???
Although this scooter looks like it is poorly balanced, it really isn't. Great care has been taken to locate the top box so it is centered above the rear axle. Most of the heavy weight is located really low on the foot board, between the two axles. All the light stuff such as sleeping bags annd mats are kept high. Even the front rack is modified to be as close to the leg shield as possible, with most of its carrying weight behind centre of the front axle. But it looks horrible!