Riley, to me it sounds like your idea is certainly possible. You may not need a twin structure or twin hole if you use something akin to a rotating barrel design under the tree bog similar to that used in the
Alaskan Bioshelter Toilet design (
plans). Underneath you could borrow from the layered media concepts used in vermifilter toilets such as shown on
here,
here, or
here. You would want to make sure you're not too close to groundwater though.
Worms could reduce your volume more than without, but worms also improve the overall quality of the output in terms of ensuring pathogen destruction, promoting beneficial biology, and creating exudates that build soil macrostructure. You do have to keep them warm though. What is your climate?
In what form do you plan on distributing the compost? As compost, compost tea, or compost extract? If you're using compost tea the soil biology is multiplied, which could compensate for less bulk.