The elite fts guys swear by angling the pad down a little, so it dips towards the handles. And yeah, I'd angle the handles out.
You might as well put on some hooks for bands on the front cross foot, while the welder guy is handy.
If you are tall and plan on doing back extensions on the thing (these :
http://media.crossfit.com/cf-video/CrossFit_GHD.wmv ), be sure to measure the length accordingly and drill holes far enough down so the foot stand can be far enough away. Many commercial ones don't fit taller people well for back extensions.
To prevent the slop you mentioned, you could do this: go ahead and use the pin to lock it in place. However, you could add in on both sides a knob that you screw in. The threaded stud doesn't actually do anything other than apply lateral pressure, to prevent sideways movement. You could put this both on the assembly for the peg to position the length of the foot stand, as well as one the assembly that determines the vertical height for the rollers for the feet. (The Elite FTS GHDs are built this way, and it's nice.)
p.s. -- That's very cool you're going to build one! I hope you have the time to post some photos/videos of the results when you're finished!