If it fits the size parameters set by your chosen airline, then as long as you don't have any of the banned items in there, they'll ignore the fact it's camera equipment, but leave in the spray can of head cleaner and you get treated VERY badly!
The thought occurs, that if you can't carry on, get a hard shell golf clubs case. These are checked all the time, so the airlines are familair with them, and there is a very low incidence of theft (Phoenix Sky Harbor notwithstanding).