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Not bad looking! Do you have a cover over your bed at all or would it just be out there? The only thing I'd worry about is someone deciding to try to take the spare from me with it being out in the open like that. I currently don't have a spare because the original location is now where my gas tank sits but something like this may be a good solution to that problem
If you like it go for it. I don't so much. Hacking on the bed and ending up with a big anchor in the middle of the bed--I just don't get it. Why not stand the tire up and make a mount for it to attach to the inside of the bedside or the front of the bed where its out of the way?
I would make a fold down carrier that hangs on the tailgate. That way its easy enough to get to but doesn't get in the way. Xtreme 4x4 did one for the Scout they built that was pretty nifty.