In principle, I think it's a great idea. I just have doubts that a wooden piece will satisfy the folks at ANSI or OH&S. A whole piece of nylon might just be the ticket. It wears well, doesn't corrode, it's light, and is easy to work with. Oh, and it doesn't get to cold to handle at low temps.
Kevin, when the unit failed, the climber Camera guy) didn't have a spare carabiner to use with a munter hitch to get out of trouble? Another option that could have worked, is to simply put another prusik cord above (like Ron suggested months ago) the VT. Sometimes old school stuff is priceless. Like the 8 you took up for the guy to repel on!