Nice idea, simple set up. I would want to have one made that positions it against the front wall of the bed, but that is still a great simple solution.
I had @svc make me one for my GEN1 that folded up and locked with pins in the up or down position. Made it quick and easy to gain bed space without having the tire poking up all the time.
http://www.fordraptorforum.com/f29/folding-spare-tire-carrier-53308/
BTW it won't fit a GEN2 if anyone is wondering. Just wanted to give some props to SVC for this cool innovative idea they helped me with. I'm sure they could do it for a GEN2 as well.