We have traditionally Fedexed our lighting systems and other bulky items, but it gets expensive fast. When someone else is paying the bill that's one thing, but another altogether when it's coming out of your pocket. Recently we have been renting lighting equipment when shooting in larger metro areas, with prices comparable or better than shipping and no wear and tear on our own gear.
I Fedexd a 4x5 setup this spring (2 field bodies, six lenses and accessories in a large Tamrac bag). Including insurance, the bill was $115 and change, if that gives you any indication of the costs you might be encumbering.
We use a similar strategy to yours when our gear accompanies us on airlines. I'm more concerned about lenses and bodies disappearing within the security system, so I have no qualms about tripods in checked baggage. Overall I think it's the best solution, cost- and convenience-wise.