Hi Iain
From experience, I admit to being a nervous Nellie when it comes to wooden benches ( and I do have several which I am very happy with ) and I take a number of precautions with their construction. These relate primarily to the fact that wood expands and contracts with the seasons ( due to humidity ) causing joints to open up and become subject to movement over time.
There is also the problem of sagging over time due to weight loading. I don't think your current design will stop the front from sagging over time, even with the metal strip.
To counter these potential problems I would sheet both ends, or at the very least put in a diagonal brace. I would also put in a wide board at the top front – 6" x 1" minimum ( or alternatively an additional, center, leg ) and also a brace at the front bottom to prevent the legs splaying.
These do interfere with under bench storage but I think the top support as a minimum will be required. The bottom rail could possibly be incorporated as part of built in storage at a latter date if needed ( occasional check measuring will show if this is so ).
Painting or varnishing all surfaces, both externally and internally, which is a pain, will also help to stabilize the timber and preserve it. I did mention I was into overkill didn't I?
My Myford and a heavy weight drill press are both on wooden benches ( both now over 40 years old  and both are better than new ( I do occasional upgrades! ). However I have noticed that the low shelf, comprised of 19 mm tongue and groove hardwood boards, in my lathe bench have started to sag ( mostly under their own weight – well perhaps with one or two chucks and a few other light accessories! ) and will require some additional support in the near future. As i mentioned occasional maintenance may be required.
Best of luck with the new mill – just in time for Christmas.
Pero