It's pretty easy to get a sore head from trying to understand this stuff, isn't it?
1. #10 wire can't handle 50 amps safely, and the longer the run of wire is, the worse it gets so likely your 150 feet isn't handling 30 amps real well even. It's probably getting by because you don't often pull a lot of amps, but it isn't right to have a 50 amp on that wire. It will melt if you ever try to use near the full 50 amps on a constant load.
It will shorten the life of motors that use a fair amount of power - bigger compressors, etc. They end up running at less than 120 (or 240) volts and they don't react to that well. They run, but they get hotter & fail sooner.
I'd worry about this for your normal use of the shop building - you could have a real problem there with #10 wire & 50 amp breaker, that is not good all the time. The other issues only pop up when you are using a generator. This first one is serious all the time?
2. I read about one or 2 fatalities around me every year from folks running gasoline engines inside a building - even with the door open, the right wind eddies & it can get a person. Can get by with it a few 100 times maybe & never notice it..... Almost lost a good friend, with doors open on his building...
3. Nutral wires are there for making the electrical connection;
Ground wires are there to keep things safe;
If those 2 are not hooked up right. missing, or ever interchanged for one another, it possibly will make any metal surface in your house/building a live, hot surface. Not always, and can happen many times with nothing coming of it - but it only takes one time.....
4. The transfer switch or transfer plate is a requred item so we can't forget to do some things in a certain order. I know you & I never make any mistakes, but if you were a lineman would you trust everyone else living around you to never make a mistake? (I am joking with you, not at you...) It's just a lot nicer to make it a rule that everyone needs to run their own power supply through a transfer swich to keep everone safe from a pretty simple mistake. I think actually the linemen are fairly safe because of the way they do things (knowing people still backfeed....), but your own machinery could make a whole lot of sparks in a really bad way if you forget.
Other than those 4 items, good to go. :) Everything you are doing obviously 'works' as it has been working for you this way, but there are some pitfalls in it that make it less than ideal.
When I had my place rewired - 11 buildings on 3 runs from the transformer box - the inspector came & looked at the house, the transformer main box, and 3 outbuildings. He never looked at the other buildings at all. Passed everything. Now, I had it done by a pro, and they are familar with their work... But, passing inspection doesn't really mean it all is good and right all the time I guess.....
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