Looks like as good a system as any. I've used a piece of tin bent to a "U" to hold the top together and lined the whole insides with #8 Hardware cloth. I think yours will bulge less than mine and the float should work well.
I really like the division board feeders from Brushy Mt. Bee #710 (deep) and #711 (shallow) that solves all of those problems. It has the screen wire for access and a rigid frame so it doesn't bulge and it takes up exactly one frame width.
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