I finally used it, and it worked really well!
This week, I'll ad a wing nut with 2 rubber washers on the bottom screw on the handle. I'll use it to help tie down and tighten the fishing line every time I restring it. I change the fishing line every time I make a new batch, it only takes about 5 minutes. The tension also lasts for days, I strung mine on Wednesday and used it on Saturday and I didn't have any issues. It actually worked beyond my expectations.
Geo, The bending is actually quite easy. I'll post a step-by-step guide on how to build one and where to get the metal online later this week.