I will comment primarily on your bike commuting. I pedaled a five mile one way route for many years and I found it very rewarding- saved money and buttressed my physical fitness.
Your most frequent equipment failure will most likely be a flat tire. Be sure you have the right equipment (mostly tire levers) to do the job wherever you may be along the route. Examine the fittings on your bike and be sure you have the right tools to tighten or adjust them. If you add a Bit Kit to your L Wave, you undoubtedly will be set in that regard.
Add a good headlamp to the bike (I assume you will undoubtedly be riding in the dark, at least occasionally). You will find it worthwhile to also wear your headlamp - two lights are better than one. You must be highly visible!!!!
You didn't mention a bike helmet. Don't pedal your bike five feet without one. The color should be white or bright, augmented with reflective tape (placed tastefully, I have no doubt).
You will enjoy using panniers, far better than a backpack when on a bike, in my opinion. The weight in them will add to the stability of your bike.
You are doing well to scout out your route. You will probably tweak it as you gain experience riding it. I found it useful to arrive at work early (7AM) and leave early (3:30PM) thereby avoiding rush hour traffic. Thank heaven for the ability to work flexible hours!! You might find that you will have different routes for arriving and returning.
Any hills? In a perfect bike commuting world there are none. Unfortunately I always had a steep grade to conquer on the way home, but it was a chance to show my macho.
Have you got a good place to keep your bike at work. That is definitely a good thing.
I usually did not bike in rainy weather. Just not worth it. Keep your FAK handy. Accidents do happen. About every five to seven years, in my experience, but nothing serious.
Have fun and enjoy the ride!
Thanks so much, hikermor! I'm doing it for the same reasons - finances and fitness. I suspect I'll end up riding more often than walking, simply due to time constraints.
There is a pretty big hill between home and work, and by the loops of my topo map, there's no way to avoid it. Thank goodness for multiple gears.

I'm with you on skipping the ride on rainy days. I can hop on a bus if it comes in unexpectedly, but will watch the weather forecast closely. After hiking in the slush and mud yesterday, I added a rear fender and will probably get one for the front as well.
Panniers are definitely on my To Do List, when finances allow. I'll add a child seat or trailer as well, for transporting my daughter to and from daycare. We had one when my son was little, but handed it off to another family a few years ago.
Re: Helmet and Headlamp - I have a silver one, with reflective tape on it, but I didn't consider a headlamp. Great tip!
Thanks for sharing your wisdom!