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.
Agree with you and have been thinking to buy the IKEA thing to make a stove but have been delaying it
Yesterday I got 3 cans of baby formula which are almost same size of the IKEA strainer. While I was thinking over which was better, a related question popped in my head.
When it comes to solid metal cans, I use something like this to make triangular holes.
One row near the bottom and one row near the top
Rest of the can remains solid
And if you see the IKEA video, you notice some of the flame escaping out of the stove.
While in solid cans, air comes in, smoke comes out, but fire remains mostly IN.
Question is : how much of ventilation holes are enough ??