The switching doesn't look right. All the ones I've studied use a MOSFET or transistor to do the switching. The on/off needs to latch. I never analysed it, but I assumed that when you press the on/off switch, it makes a temporary connection that powers the CPU and also works as an input to the CPU. When the CPU is powered up, the default state of the output leg that controls the MOSFET is on, but when you press the on/off switch again, it works as an input that tells the CPU to make the output signal to the MOSFET go low, thus switching it off.
Also, in your schematic, the control panel would be powered all the time, which would drain the battery.