Pretty dam cool, you could easily adapt this into a twin or more setup and arrange it to lift any vehicle right off the ground. I've been looking at home made lifts for a bit now with various ideas, though none that would seem this portable. Sure you need a compressor but even a small portable relatively cheap compressor would lift it just slower. This is pretty cool and could be combined with your jack there I think
http://www.tommackieracing.com/proje.../4-post-hoist/
You guys should all checkout
http://www.homemadetools.net/
Some pretty cool ideas on there. When I started my apprenticeship in a small shipyard working on small compact naval boats with very limited space and accessibility for maintenance, We almost had as many custom made tools as we did standard tools. Even if its just cutting a wrench and rewelding at a funny angle for a certain job, or bending your own halfmoon wrenches. Do what you gotta do to get the job done right. I`m rambling again, too much Coffee.