No offense, but I wouldn't trust that product (or pitlock for that matter). I could consider it in addition, but then I run into the "will I have the wrench when I need to change a tire scenario). I generally commute with generator hubs, so the wheel is worth half as much as the whole bike (in one case, anyway). I U-lock the rear wheel and frame, and cable lock the front wheel and frame. I have generally heard that most thieves don't want to deal with both cables and U-locks as they require different tools. I also live in an area that isn't horrible for bike theft.
Of course, YMMV. I do think Pitlock is your most direct competition, though. I would worry about stripping the bolts in your design - but I'm prone to that kind of klutzy.
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