Dave, I don't build to plans, but it should go, especially if proper bearings are used, I don't think these things are designed by anyone with engineering knowledge.
Apart from the fact that you can see the displacer moving, I'm not over fussed with the hot cap being made from a test tube. Also I prefer a hollow cylindrical displacer, I'v tried the steel wool, and find it more trouble than it's worth.
Rule one, minimum friction, and two, minimum leaks. It then should go.
Ian S C