The rim looks great. I wouldn't worry about the extra weight of the spare+subs because I had an engineer spec out the hinge shear strength around 1200lbs.
I've been building a spare tire carrier myself except mine removes the "bulge" from the old spare & allows the larger spare tire to be wrapped by the rear bumper cladding. I'm on the final stages now of welding in new sheet metal followed by paint to finish it up.
I think yours looks good but it would look better IMO if you also removed the bulge so the spare isn't mounted so far off the back.