Yep, I've done it on the ST, and it's a great bike for the journey.
In 2009 I went from Adelaide, Melbourne, Snowy Mountains, NSW and QLD coasts to Cairns, back to Tonwnsville, Tennant Creek, Darwin and back down the middle to Adelaide. You can read my blog on the trip at
http://halfwayroundwithpete.blogspot.com.au/In March this year I went the other way. Adelaide, Perth, Broome, Darwin, Alice Springs and back to Adelaide. No blog this time, but here's a link to my trip report.
http://ozstoc.com/index.php?topic=1345.0 We did this trip in 30 days for a total cost of about $2,500 including fuel, accomodation, food and extras. After setting up camp in the caravan park, we'd ride to the supermarket and stock up on our food etc. We camped in caravan parks, used the BBQs in camp kitchen to cook meals, and generally avoided buying lunch by cutting sandwiches and eating fruit and canned tuna, and took a compact JetBoil cooker to boil a billy for tea and coffee. Cost of food worked out to be about $10 per head per day (four people on four bikes), which included three meals, nibbles and a cask of wine. Cost of fuel outside of the major cities was about $2.00 per litre, and I used 600 litres of fuel for the 12,500km journey. The longest haul between fuel stops was 300km up in the north west of WA, which was easily achieved with the ST, but the Harleys needed to carry extra.
My experience shows that the trip can be done on a budget. On such long trips, always wear ear plugs. A mesh jacket with a waterproof liner for the wet bits was perfect for the trip, and grip heaters were essential for the cold mornings out in the middle, where it got down to 2 degrees. I hope this helps.
I'd do it again without hesitation.