I am taking a trip next week and the guys wanna camp a few nights to save money. Personally I'd rather spend the cash and have a shower, bed, and TV but going with the majority 
I am looking for a decent tent and sleeping bag that can fit in a large "Ultra" style tour pack. Other than this trip, these will be rarely used (may even just sell them after) so I don't need anything fancy. Any suggestions for the traveling/camping biker as far as gear would be appreciated!
I, like you, have friends that want to camp when we ride. Like you, I'd prefer to stay in a motel/hotel. As horrible as it has the potential to be, it hasn't been for me. Some of the best rides and times I've had have been when we camp.
I use this tent:
https://www.rei.com/product/893927/rei-co-op-camp-dome-2-tentand this pad:
https://www.rei.com/product/870757/rei-co-op-camp-bed-35-self-inflating-sleeping-padI have not camped on my CVO but we camped a fair amount when I had my 2012 Ultra Limited. That tent fit in my saddle bag. It will fit in your tour pak, too. I had a luggage rack on my tour pak and I bungeed the pad to it. I have always been on my bike by myself when we camped so I set my sleeping bag on the seat behind me. I had a rider backrest and it fit nicely between the tour pak and the backrest. I ran a bungee around it to keep it secure.
I don't have a fancy sleeping bag because we don't camp when it is really cold. If you need one that compresses tightly to fit the tour pak, I suggest REI as well.
I highly recommend the pad. It's a little narrow for sleeping but it is the standard width and fits nicely on the rack. It will be your best friend, trust me.
If you buy good stuff up front and want to sell later there will be plenty of backpackers that will buy it. REI is good stuff.
Enjoy the adventure and best of luck.