If you think this is scary, I have seen this done on a larger scale. By a crew that did it every day.
They used a crane jib like device, (no winch), attached to a large TLB FEL, lifting 40' trusses, for a 14' ceiling.
1. As said before, please don't curl bucket back and swing pipe onto your head.
2. Those turnbuckles appear to be extruded aluminum. If so, they are way too light for overhead lifting. Look for something forged steel.
3. That plastic coated cable has killed a few people. It must be stripped of plastic and clamped on the cable bare. The plastic will creep, and provides effective lubrication, so encourages it to slip.
4. Presentation is excellent!
PLEASE take into account of the hydraulic pressures that will be developed INSIDE the FEL cylinders as the weight is extended out from the bucket.....
I like the idea and especially the determination to find a way to do this by yourself!
Put as much weight as you can on the 3ph!