Hero, as there was no product lifetime given, i assumed it was a short term hobby project, as such, by keeping the led current to a rather low 1mA and no reverse potential stress, i would imagine it would last a number of months before it drifted enough to be noticible
Equally, based on the implied electrical knowledge of the op, i wanted to keep it as simple as possible,
To the op,
the op amps are acting as "Comparitors" they compare the voltage out of the optocoupler against your set points and switch if exceeded,
the condensors (Capacitors) would be 10uF electrolytic capacitors, likely 16V for a 5V supply,
And yes it could function without an arduino, attached is an approach with 3 nand gates