I think it is a bad idea. My basic tenets for investment portfolios are (probably in order) : At least 50% in stocks, not more than 50% in US stocks (or any other country), between 10% and 40% in bonds, include but don't generally overweight international stocks. The All Seasons portfolio breaks three of those four.
In particular, the 40% long term bonds is just a horrific idea. Recent history shows that long term bonds are just as volatile as stocks, while the longer history of the world shows they are more risky than stocks. On top of that, they are almost certain to have lower returns, probably much lower. They might be a good diversifier in small amounts (say, 20% or less) but 40% is just way too much. Even worse, intermediate term bonds are basically the same as long term bonds: the same situation that is bad for one is bad for the other.
On the stock side, there is just not enough. 30% stocks is not enough to give the returns you need, especially in the face of the other assets which have very little or no expected return. This should be at least 50%, ideally including international stocks.
Put them together and this is an under-diversified portfolio with low expected returns, but not lower risk than reasonable alternatives.