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I really like this idea for high shelving! I took a different approach for a lower cantilevered shelf for my racing seats (http://did-it-myself.com/garage-shelf/) but I will definitely come back to this design for future garage storage.
I ended up doing something similar, except I had a few more tools at my disposal. I used a table saw and miter gauge to make the sides out of oak, and then used a router table to shape the edges. I also used a band clamp for the glue-up rather than gluing each corner individually, although I can see how that method might be preferable for such a large frame.I made a full writeup here: http://did-it-myself.com/how-to-make-a-picture-frame/