Larry, that is a good start, but the pallets in my pond ended up waterlogging after a few weeks and sinking. If you don't mind that whole string on the bottom then it should be good, but it won't go up and down with the water level anymore. Unless there is enough tension and power on those posts and rope to hold them up in the air then you should be all set.
Since my banks are pretty gradual on the down slope, I have the nearest to shore side of the pallet on the ground and the furthest from shore edge up on an old tire. I drilled holes in the tire to keep it on the bottom and used wire to wire the tire to the edge of the pallet. One pallet has a whole tire supporting the far end (got sick of the the work of cutting the tires by hand), the others I cut tires in half and used a half a tire with most of the tire out in front of the pallet and the two cut edges under the pallet to hold it.
My thought with the tire was that these tires had a little tread left on them and was hoping the spotfins would use the crevices on the tire treads to put their eggs in. Looking for other ways to encourage Spotfin spawn. I have adults left but very few smaller shiners as I think my adult perch population is really putting a hurt on them.
I can't keep FHM alive long enough to reproduce with so many predators so the pallets are more for protection and shade for other critters than for spawning habitat for FHM
Larry if your system stays on top of the water then that indeed is a good way to go
