Looks nice but I think it will be way too high. I did something similar using a sling stud. It sits much, much lower and is almost too high. You have an open front sight hood so you will have more adjustment in relation to sight picture, but I think that in raising your front sight you'll run out of threads long before getting even close.
Once you get the height right, I wouldn't worry about adjusting elevation. I think that from 0-200 yards, one setting works well with this caliber with minimal hold over. Farther than that is beyond the practicality of the caliber and iron sight-picture. I think that the ladder sights are a hold-over from earlier 19-century rifles where entire regiments used to volley shots at each other from hundreds of yards away in true "rainbow" arcs, which was likely an extension and hold-over from archery warfare. Most modern rifle sights have a fixed setting or just one additional for longer-range precision shooting.
Also, the principle of a peep sight is to look through the rear ring, completely ignoring it and focusing on the front sight. Your eyes will naturally center the front sight in the ring of the rear -- without you thinking about it. If you notice the rear sight, if you think about it, which the cross hairs will make inevitable, you'll lose that natural centering and lose the inherent speed and accuracy of a peep/ghost ring sight.