This is perfectly fine and any GFCI tripping should be minimal. However, there is one catch: if you have a problem with one half of the circuit (e.g., a power tool gets wet and results in a GFCI trip) then the other half of the circuit (the lights over your head where you were running a saw that now stopped due to the GFCI trip but is still quite dangerous) will also go off.
One possible alternative that I have seen in some previous similar questions is to use a separate circuit for lighting by way of a 3-way switch, with one switch at the house and the other switch at the shed. That actually makes sense if some outdoor lights are needed and if you put at least one light inside the shed on that same switched circuit then you solve that safety issue, as that light will stay on even if the receptacle circuit goes out due to a GFCI trip.