The photo with the spreader bar illustrates only that the tip will keep the bar in place on the plate; it’s not meant to show an angle I think will work for hanging. But from where I’m sitting, yes, it’ll be crucial that all of the force applied to that bar is along its axis (in compression), so for that reason I think it’ll have to be perpendicular to the plate and not at some other angle to it… i.e., the two guy lines and the hammock suspension shouldn’t be pulling it in any one direction so that the force is applied straight down along the bar.
The other concern, then, is the Beetle Buckle. They work great in tension, but by doing this my hammock CL will be pulling at a 30°-ish angle down from the tip of the bar.
I think Joe’s suggestion of using stout aluminum tubing is ideal; if I can, I’ll do it in two sections: an upper with pins or some other accommodation for my hammock suspension (maybe on a descender ring?) and a tarp ridgeline at the upper end, and a threaded stud at the lower end; and a lower, with a tapped hole to accept the stud at the upper end and… some kind of interface at the bottom to mate up with the bike at that 1-1/4” hole in the luggage plate. A hastily-whittled block of hardwood could work.
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