Data Type In Audit Record

Hi,

I want my application to audit any data changes (update, insert,
delete) made by the users. Rather than have an audit table mirroring
each user table, I'd prefer to have a generic structure which can log
anything. This is what I've come up with:

TABLE: audit_record
*audit_record_id (uniqueidentifier, auto-assign, PK) - unique
idenfiier of the audit record
table_name (varchar) - name of the table where the action (insert/
update/delete) was made
pk_value (varchar) - primary key of the changed record. If the PK
itself has changed, this will store the old value.
user_id (varchar) - user who changed the record
date (datetime) - date/time at which the change was made
action (int) - 0, 1 or 2 (insert, update, delete)

TABLE: audit_column
*audit_record_id (uniqueidentifier, composite PK) - FK to
cdb_audit_record table
*column_name (varchar, composite PK) - name of the column with changed
data
new_value (text?) - value after the change

So every column which changes has its new value logged individually in
the audit_column table. However, I'm not sure what data type the
new_value column should have. The obvious answer (to me) is text, as
that can handle any necessary data type with the appropriate
conversion (we don't store any binary data). However, this table is
going to grow to millions of records and I'm not sure what the
performance implications of a text column will be, particularly given
that the actual data stored in it will almost always be tiny.

Any thoughts/recommendations/criticism would be greatly appreciated.

Thanks
Alex