Hell yeah! Look at that thing. That's nice. Regarding barbell sleeve play, mine does it too. The sleeves shift about 1/8" inch side to side. At first I was disappointed and didn't like it. But then one day I was benching without clips and after my set I noticed the weights had shifted about 5 inches to one side and I didn't even notice. So my concern about the 1/8" play went right out the window, lol. It doesn't bother me anymore.
With doing oly lifts the bar will be louder than an expensive bar. The sleeve bearings are not machined to close tolerances, so there will be some clanking going on. If you can deal with the clanking, the bar should last a good while in terms of durability from what I understand.
Also, regarding your lack of safety arms and getting stuck under a bench press lift, I used to bench at home without any safety catches. I maxed out and pressed to failure all the time. Its no problem. Simply do the "roll of shame" (google it to see videos). It works with any weight, including your max (provided you don't get stuck under 400lbs of course). Even then you can probably roll it off or just dump it off to the side.
The biggest danger is dropping it on yourself by losing your grip. If that happens, you are totally screwed. I need to be careful with that even when using my power rack, because the safety pins are low enough for me to get a full rep all the way down to my chest. So if I drop it, the bar will smash me for about an inch or so into my chest, which would totally suck, but its better than smashing me completely and thrashing my rib cage. I think I am supposed to arch my back more and raise the pins up so if I drop it my body remains below the pins, but I haven't done that yet.
Anyway, your setup looks perfect. Nothing like working out at home with good gear. Congrats.
Also, one of the biggest benefits of a garage gym for me, other than working out, is that is has motivated me to keep a very clean garage. My workout space is always kept clean and the surrounding areas are kept clean for a clutter free work area. Notice all that open space around your workout area? Most people's garages are filled with CRAP from floor to ceiling, so this is a good thing. Nice setup.