Your proposed setup sounds too big. Its size would likely make it awkward to maintain. Also its size would make it hard for the worms to get adequate aeration.

I would suggest instead, that you use a setup like the one in the link below. Easier to maintain, and the worms would be well aerated which speeds up their rate of composting as well as their population growth rate.

Usually, a system like this is adequate for every 1-2 people in the household. My household has one worm bin for each resident. If you have more than 2 people, or if you are vegetarian and produce lots of veggie scraps, make several bins. :)

Ignore those website warnings about shredded office paper not being good for worms because of 'chemical toxins'. They probably say that to try and sell people their costly worm bedding supplies to you, like coir or peatmoss.

Since 1998 I've used shredded old bank statements, shredded junk mail, and so on (whatever comes out of my household paper shredder) mixed half and half with shredded newspaper in my worm bins, as bedding. No problems, they eat it all just fine! :)

Here is a link that might be useful: a simple home worm composting setup

what grovespirit said - also note that the "tea" is best returned to the bin, and getting much of it out the bottom is an indication the bin is way to wet .... and setting the bin on blocks above ground will make it more likely to freeze to the bottom in extended cold periods, contact with the ground would be much preferable

Bill