As a user of a Floyd Upgrades trem stopper, I would say this home-made effort is good for string changes, but that's where I would leave it, to be honest. Why?
A) You would have to be very, very precise in placing this thing for it to work as an actual, functioning trem-stopper. With the FU one, it's a bracket with an allen bolt through it. Simple, yes, but really adjustable and easy to fine-tune it to get that bridge sitting parallel to the body, which is obviously very important. With this home-made effort, you would have to get it right first time, or risk multiple replacement of the assembly which will make a pigs ear of the wood underneath, never mind the wood structure integrity implications of several attempts at getting the placement right. Eventually there will be a bunch of churned-up wood that is not going to be secure enough for this thing to work properly anyway.
B) Spring room. The pic shows that they have had to take the third spring out of the equation, which to me is not the best thing in the world. It's a minor point, yes, but the whole point of one of these set-ups to me is to basically turn the Floyd into a fixed bridge. Less springs = less tension holding the trem down / fighting against string tension.
C) As has been mentioned by someone else: Natural instrument vibration may cause this thing to rattle, or even may cause the arm to gradually rotate in the lock and *PING* out at inopportune moments, especially bad if someone does this to their gigging guitar. The installer would probably have to do a lot of experimenting with rubber washers and other gubbins to create a "secure" unit, possibly nullifying any of the added tonal effects that they would additionally want from such a piece of kit.
But hey, that's just my $0.02 because I'm a bit of a perfectionist, heh. :lol: