Instead, I found a bike rack for $5! Exactly what I was looking for. I already have a bike rack (and get quite a bit of use out of it). The plan is to add two straps to stabilize the rack laterally to prevent my bikes from shaking side to side while at speed (it's scary at times). I'll feel a little better knowing that the upper and lower hooks won't just slide off in a turn too.
Step 1: Remove Old Straps From Donor Rack
Step 2: Attach Straps
Place the strap on the rod and then tighten with the nylon nut.
Step 3: Test Out on Car
Little instruction here but so much of a great idea that the racks that cost 3X more have them!