Sailor, looks good. Nice and simple!
Better than my initial wall hook for my cheesecloth draining cheeses, example here
. I found that was bending too much so I switched to a camera tripod, example with cheesecloth bag here
Your's is even simpler, with draining type cheeses I usually make 1 US gallon/3.8 liter of milk batches which weigh 8.6 lb/3.9 kg. Your rack may distort a little, but should hold that weight no problem, plus the cap on the top bar will ensure the bag doesn't slide off.