I was just thinking about doing something similar myself, but I was worried about them fighting their way with the hops, since I like my IPAs to be VERY hoppy, flavor and aroma.
My 2 cents:
1. I would up your hops. I like the idea of using the Sterling, since it is citrusy but has a little spiciness to it, to maybe work with the cracked pepper. And I know you dont want the hops and the extra ingredients to compete. But I would up your flavor hops a little, maybe add something at flameout and maybe a dry hop. But again, i LOVE me some hops.
2. I wouldn't use 1 lb. of Crystal 120. Crystal 120 is a burnt raisiny/fig flavor. I would mix it up and go 50/50 on Crystal 120 and Crystal 40, which has more of a caramel-y flavor, to add a little more depth. I think the 120 on its own would be too much in this recipe.
3. I would consider not adding the orange peel... It would be ideal if you could split the batch and do orange peel in half and black pepper in half, but the pepper should be added in boil I think, so that's not a big possibility... but maybe just add the pepper, and then after fermentation taste it, and if you want throw in some orange peel as a dry hop (you'd have to steam it first to pasteurize it).
If you listen to "The Session," one of the brewcasts on TBN, they do an interview with Furthermore Brewing company who uses Black Pepper in one of their beers, and he says that you shouldn't be afraid to add to much, even though all the brewcasters seemed trepidacious. He said he uses a LOT in his beer, and it is one of his staple beers, not a specialty or seasonal. You might want to listen to it:
http://www.thebrewingnetwork.com/archive/search.php?story=furthermore&dosearch=yes
Let us know how it goes, it sounds like a fun recipe! I love IPS and am always looking for ways to mix it up!