If I was to undertake this project (and I may someday), I would read the following article first. The vise looks dandy to me!
"Let's Tie One On", by Peter Stenabaugh, Vol 15, number 4, Jul 2002, Machinist's Workshop.
If you are able to locate a copy, please let me know. I didn't see it among the "back issues" at the magazine website, but phoning them may be more effective.
Looks like a great article. I'd love to see it.