Is,
I’m fairly new to hanging myself, but I think the primary problem with your very simple and elegant design is that it places too much pressure on the dorsal nerve and blood vessels. Tried and true designs, like the Bib Hanger and (dare I say) the Captain’s Wench hold the penis so that pressure is applied to the sides, not the top and bottom. This is much safer. The Bib also includes channels at the contact areas for allowing blood to flow during hanging, which is always an issue.
You could probably improve your design by padding the left and right sides before you tighten the cable clamp, taking the squeeze off of the delicate top and bottom surfaces.
Another possible problem is that the pressure appears to be applied over only a small length of the penis. This concentrated pressure may make you more prone to injury. It’s better to distribute the force over a larger surface area, say, over 1” to 1.5” of your penis’ length.
Otherwise, it sounds like a clever design.
WARNING: Don’t hang for more than 20 minutes at a time, to prevent your dick from dying. Also, read the hanger’s threads to get the perspective of the many PE vets on this site.