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You will get better results with carbonation if the brink being carbonated is well chilled. The colder the liquid, the more CO2 will go into solution. Consider inserting a valve in the hose, instead of pinching. This will increase the cost a few dollars, but make things easier when you clean up.
I have been thinking about carbonating drinks... the hardware is exactly what I was thinking, however, instead of using yeast, sugar and water, use white vinegar (very cheap and a baking soda. All you need is about 40 pounds of pressure, which can be achieved easily enough with a half bottle of vinegar and around 1/2 tsp soda. Everything would be much faster, so I recommend a quick connect on the reaction bottle.