Independence is a good thing to teach....but I feel that 10 and 11 is too young to do that. Every kid is different, and there are some kids from parents on this forum where at 10 or 11, they could probably do it all themselves without even a troop. But, for most, sending a 10 or 11 year old on a campout without a parent is just torture for the scoutmaster. They need a lot of individual attention to make sure they are okay. When they are surrounded by 12 and 13 year olds, or even just 10 and 11 year olds, they won't speak up about problems they are having...like if they are too cold at night, or other problems that an adult working one on one would ask outright in a private setting. The scoutmaster is just too busy working with all the boys to catch everything. Something to think about. You are the parent, and you know you kid better than anyone.
Anyways, my charter organization won't let 10 year olds go camping at all, and 11 year olds can only go with a parent. Of course, they also don't fund a Tiger Cub program. They also separate the 11 year olds from the 12 and 13 year olds. There is a big difference between an 11 year old and a 12-13 year old. I agree with the policy. I don't know how the Girl Scouts manage with the 6 year olds.
Looks like you are on the right track for gear. He doesn't need a lantern, only a headlamp. Also, I would never buy a sleeping bag from Walmart. There are too many good/cheap Kelty and Eureka bags less than $50. Look at Campmor.com.