Another option is to put a block where the ring is to remove friction against the sheet. Use something like these :PAC- I didn't quite picture it in that great of detail, but now seeing the pics, what you show is even better. I didn't get the slip ring part, but now having seen it, that means one does not need to adjust it every tack. There is also a little leverage built in with the multiple wraps of line. I've already got a loop closer to the clew, so all I will need is an extra jam cleat next the to jib sheet jam cleat. Should be cheap and easy.
You can put two of them hooked to each other. One goes on the sheet the other is the return loop for your tweaker. To get the right size it will have about the same load as a genoa car so you can use the formulas at Harken's website to get the loads and get the blocks of your choice that will work for you.
We do this a lot with the Sea Scout ships that we volunteer with.
K