Tim,
Welcome aboard; I think you will find what you need here! Looking at yours I would maybe suggest a couple changes; 1. The modular blocks are a good way to hold your bits, I started that way. But I think you will find as you get more and more router bits, the blocks take up a lot more space. I can't tell for sure if you have the plastic inserts. Wood swells and contracts with the humidity, nothing worst than having to use pliers to get an $90 bit out of the wood. plus some species will cause the shank to rust or pit. I use the sink cutouts, some shops will give them away, some charge a couple bucks. Take a look at page one, 1st post. 2. You have a really nice fence, add a replaceable insert in the middle. Cut the ends at 45 degrees, to capture the insert. 3. I would get rid of that hole by making the opening a little deeper, taper the sides and bottom toward the vacuum. 4. Put a on/off switch outside the box, in case you need to shut it off quickly.
Mine is wired up to turn the vac on too, then I turn on the router. These are a few things I learned by trial and error. But this is your setup, there is really no right or wrong way. Make it do what you want. There are hundreds of ideas in this thread. Size of your shop will be a big factor. Keep us posted and lots of photos.
Harry (the real one from TX)