I like it, but have a few questions.
If I am reading the diagram correct. It shows you are looping the line through the beads twice to hold them in place. If I remember correctly once you loop string around or through and object twice and essentially kink the string. You can create a weak point, and almost reduce your string # capacity in half.
When targeting small panfish species this may not be a problem. But if you happen to pick up a nomad pike or walter, you may end up broke off more than not.
My suggestion would be to let the beads and blades float freely above the hook by using a common bobber stop. This way you don't impart any stress points on the line, and can adjust the distance from your hook to your element of attraction.
EDIT: Just saw the post was from 2004, don't think that guy will be responding back anytime soon.