That is pretty much exactly how I did mine......T1-11 siding and shingles over plywood roof. I used white shingles, which reflect the sunlight and seem to be cooler in upper 90 degree heat. Also, shingles and plywood roof do not sweat and drip moisture like a metal roof does. If you did use metal roofing, put an insulation barrier down beneath it.
On T1-11 siding, quality seems iffy compared to the last time I used it (for a dog house), but now that it is up, it looks better. It is getting a bad rap regarding rot and weathering and likely for a good reason......it is tough to paint correctly. If you don't care what color it is, you can use an oil base stain on it. But I wanted mine a solid "barn red" to match an adjacent horse barn. That meant an exterior latex paint.
So, checked with a commercial painter friend, and after he was unable to convince me to NOT use T1-11, he suggested an oil base primer.....inside and out, then 2 coats of exterior latex on the outside and a single layer of high gloss white on the inside. BTW, once the panels were cut to fit, and ready to screw into place, I laid them out on saw horses and painted them while horizontal......using a 3/4" nap roller. The siding sucked up the oil base primer at an alarming rate.......about twice as much as the coverage label on the can would suggest. But that also meant I was able to get deep penetration and full coverage, including the edges and most importantly, the joint seams. Those need to be 100% sealed if you don't want rot and you can't get that if you paint it once it is up and vertical.
Tricky stuff to work with if you want it to last.
BTW, for those who might suggest the similar looking 3/8" Smart siding material, I voted against it as it is not "structural". Does not have the structural strength that the 5/8" T1-11 has. It is for all intents and purposes, 5/8" plywood, made to look like siding. The Smart siding is easier to paint and will hold up better, provided it is installed over something structural, such that it is only cosmetic.