We went through several homemade versions before this. We learned the hard way to pin the rudder in the up position when the boat is not in the water. The rudder rides in the truck when on the road. One problem with the rudder is that it needs more water than the centerboard in order to function in the down position. Sailing with it kicked up does not work very well.
Motoring is ok.
Our main motivator for this was to make the boat easy to trailer. An added benefit is that we can use less ballast and still have a good righting moment in a knockdown. The mizzen is light enough to step by hand. We rigged the reefing lines to the aft end of the main boom instead of along the cabin top. This reduces the cost and complexity of the system.