Re the wood: Use it. If you've got the square footage, make an open pit from brick or cinderblock, and some expanded metal for a cooking grate. If you're willing to devote a few hundred on something better looking and more flexible, get an inexpensive "Santa Maria" style grill like the ones I recommend in the Grilling forum. And if you're serious about smoking shoulders, briskets and other big pieces, get a WSM too. You can afford both.
Between 1976 and 2010, I went through four small offsets -- three of which were VERY similar to the one you're looking at; and the fourth tweaked beyond all recognition. To make them work their best, you have to add a manifold, build a charcoal basket or two, lower the flue, get a real thermometer, add a water pan. fool around with tuning, and so on. At the end of the day, even after "the basic mods," the inexpensive ones are still drafty, uneven from side to side and front to back, and sensitive to environmental temperatures. All of them, no matter how tight and heavily built, aren't stick friendly because the fire chambers are too small.
Medium and big offsets -- different story. But the price goes up pdq as size increases.
The easiest, cheapest way for a beginner to get consistently good low and slow results is a WSM.
You may think you don't -- but trust me -- your want easy. Easy doesn't mean "afraid of hard work," it means a realistic chance of turning out good food without running to the pit every 15 minutes to mess with the fire. If your idea of "barbecue" doesn't include enjoying yourself at your own party, ignore my advice.
Bigwheel -- Your way is a good way. A charcoal basket is a little more trouble to make, but works even better at doing the same thing: Allowing more and better controlled air flow around every side of the fire. Also does "Minion Method" well.