Hi Tom, Michael.
I think that a lot of the fears that one had about the 'cons' of having an outdoor '00' set-up are, from experience, greatly exagerated. For example, this mortal fear people have of using electricity outside. If you see what I mean, it's no different to using say an elctric drill outside. You wouldn't operate it in the p*ssing rain...so don't operate the railway in the p*ssing rain! It's OK to carry on working if there is a very light drizzle as long as you cover up the sockets and circuits, which I do.
If anything, the slight dampness one sometimes experiences on grey and slightly misty days actually seems to improve the performance rather than hinder because it covers the rails with a thin film of water (afterall, water is a conductor!) and it smells amazing!
As for the structural side, s o far no problems at all really. As long as you make the trackbed reasonably solid and capable of bearing weight, you shouldn't have too many problems. I have painted all the upper boards simply because they have ply-wood tops which will go manky if not properly protected or treated. The rest of the wood has been either sitting in my garden for a long time or was previously weather-proofed (as it is second-hand wood by and large

)
The secret is to understand how the materials behave in differing conditions, but not to the extent that you create extra unnecessary work and expense for yourself. Wood will warp, but you can do things to off-set the effects by just thinking a bit laterally. For example, at the top of Mumbledon Rise, I noticed that the 'up' line did not match the corresponding track on the viaduct, causing continual derailments except to the most reliable of stock. However, by fixing a 2" clamp to theedges of the corresponding boards, I managed to bend the board back into shape. Now that section of track is smooth as anything!
If you want any specific information about how I did any of the layout, feel free to drop me a line and I'll do mi' best to answer
Cheers
Tim