As of right now we both have our panniers and touring racks which we picked up yesterday. We both got the Ortlieb Back-Roller packs which each hold 40L, I believe the racks are Axiom Journey and have a load capacity of 70Kg. We found the packs at the Hub Bike Co-op in Minneapolis for $150.00 and the racks were $34.99, not a bad find.
I've also found the bike I will be touring on, a late 90's Bianchi Brava. This was a find on Craigslist in which I contacted the seller about 20 minutes after the posting and the transaction was made not much later. I had been watching the list for a while and decided I wanted a steel framed bike, as that is my general preference. Its a solid frame and nicer components than what would normally come stock on the Brava.
Lindsey is still looking for her bike of choice, the smaller frames are a little harder to come by. Currently watching for a 49 or 50Cm. steel frame with solid components in order to avoid excessive upgrade work on the bike, although it would be a blast to fix up its just not the greatest way to save money.
I'll post more on the route next time and also try to get some pictures up.