This is an awesome bit of bushcraft that I think would be great fun to practice in a non-survival scenario, like when out camping for example. Being able to set an automatic fishing pole trap like this, could be useful in a survival scenario, as you can set several traps and fish passively (whilst you are attending other duties). The main problem is there is an inexpensive product called the Fisher’s Yo Yo fishing reel which does the same thing but with around 10% of the effort.
Get some Fisher’s Yo Yo fishing reels and throw a couple in your survival/bug-out-bag, but if you want to practice some bushcraft, go ahead and have a go at making a primitive version of the trap. After-all if you do find yourself up the creek without your Yo Yo reels, the knowledge could prove very useful.