The windmill has been spinning in the backyard for a few months now without issue. The bearings seem well enough sealed from the elements to prevent rust. A small dose of siliconespray was applied to prevent any lockup.
For lack of time i have not gotten round to the electrics yet, but i did do some research on this. Thw http://vawts.netvawts.net forum is a valuable source of jnformation.