Matthew,
I've seen variations of this idea over the years, although it is usually somewhat crude with a threaded rod, a steel nut and a steel flat washer. The only place I see a potential problem is with the aluminum wheel. Unless the wheel is thicker than the usual commercial aluminum adjuster, I would worry about the combination of the softer aluminum against hard steel threaded rod and the downward pressure from the bridge causing the threads to wear and possibly strip. I realize you could argue that the treads in wood are not not as strong as aluminum, however the threads in wood are usually over 1/2" long so there is plenty of surface area to distribute the pressure from the bridge. I seldom see an adjuster problem with professionally installed adjusters. Let us know how this idea works for you.
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95% Retired Midwestern Luthier
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