It sounds good. Should work fine.
Those metal hook things are called caribiners.
That's a caribiner although I should note to any would-be climbers out there that according to the wikipedia page I pulled it from that hitch is wrong and should be done on the reverse, lest death result!
The thing questionable is the comfort of the belt having the weight hanging on it. But it's not fashion, after all.
This reminds me of the Keys to Progress stuff by John McCallum. He wrote about parallel bar dips and back then there weren't any "dip belts". You HAD to make your own and it was simply getting a tough belt and hanging weights off it with a rope.
Of course how to make a belt was the most useful part of it…he claimed you could get a 52 inch chest from dips alone, you know, because Reg Park had a 52 inch chest and he did dips. LOL, this has reminded me that John McCallum is probably heavily responsible for the culture of anecdotal evidence in bodybuilding today and probably responsible for 85% of the bodybuilding dogma out there. Great accomplishment.