JF, I make it a point to not discourage anyone from pursuing their passion. I too have been at this for many, many, many years.
I haven't seen any of your work, so I will leave that up to you, and your customers.
My main focus is weddings, but I also do portrait work. Haven't done sports in forever, so I won't comment on that.
Here goes.
If I were you, I wouldn't set out by buying a ton of equipment. I would (and do) rent equipment that is needed for certain things, and build that into the cost. If you aren't using it daily, then it is better to rent a few times and make absolutely sure it is what you need, and worth the investment.
Also, make sure you are legal. Get whatever your state/local government requires for you to do business, and also get an EIN from the IRS. Collect sales tax and do everything above board. An accountant is a VERY wise investment, even if it is just on a consultation basis. I've seen Craigslist 'pros" just going down the lists of their "competition" and turning people in for not paying their taxes. (even if the Craigslist "pro" didn't....happened here, it as pretty funny that he got caught at his own game)
Next, at the minimum, get general liability insurance for your business. Your homeowners, and even an umbrella won't cover you if you are working for a fee. Joining PPA is a pretty good investment, they have access to a really good rate for liability insurance, and they also include with membership $15000 in equipment insurance, and also help protect you with indemnification. (if a bride sues you for missing a shot they wanted and claims that you ruined the whole wedding.....it happens)
Honestly, equipment comes towards the end of my list when I help people get started. I don't see an issue with your choices, but I personally wouldn't make the same choices you did.
For weddings, I now have 2 of everything including lenses bodies, etc. People don't seem to understand if you say. "oops, my flash died, sorry, no more photos" Good way to get sued for non performance (see the PPA insurance mentioned above) For years, I just had one of everything, and rented back ups. It worked out fine. The up shot is, you can also use the rental equipment and not wear out your main equipment.
For portrait work, I agree with most here on UHH, you just can't beat Paul C Buff (Einsteins are the entry level in the buff line, but are dang near bulletproof, and will last you years) I make/paint/dye my own backdrops, probably have about 15 now. I get a lot of props by going to garage sales. Some see a broken suitcase, I see a nice prop that I can add a pillow to the bottom and a nice lining in the top, and it is now a very cute prop to put a baby in. You could spend a lot of $$ on that stuff, or you can purchase it for a quarter, and fix it up.
Kind of surprised that you didn't get completely blasted about wanting to start shooting professionally, a few years ago on UHH, you would have been brutalized. We seem to be a kinder/gentler UHH these days.
I would like to invite you to stop by the Wedding Photography section, and subscribe Go here
http://www.uglyhedgehog.com/ scroll to the bottom, and hit the subscribe key. Lots of people willing to help those that are wanting to get their feet wet with wedding photography. (we're a fairly new section)