Looks good but it would worry me that I'd bend it up over time bumping it and catching it on things since it hangs so low.
I picked a 'similar' location as you...albeit my solution was less elegant than yours, but I'd have to literally slide off a rock to catch it on anything.
I then cut off the half-pipe that extends through the hub and bought an extra stock cap off ebay to put on the back rim to cover up the stump. You can actually line the tire up so that the cap is right-side up and level.
