The basic idea is sound but I suspect that memo holder won't last very long because the mesh is too thin. You can use almost anything for a hobo stove, a large can works fine. Something like this would be even better in the long run, pretty thick gauge stainless steel and works well (been there, done that):
http://www.instructables.com/id/How-To-Make-An-Ikea-Wood-Burning-Hobo-Stove/

That said, I primarily use it as a wood stove. A folding sheet metal esbit stove is much better for hexamine fuel tabs, just the right size and height plus it takes less room when folded.