That's nice looking, but I checked a couple of lenses and it appears it would not work for all. The later 105/2.5 would, but the 85/1.4, for example, would not. On that one, the AI tab and the outer diameter of the ring are flush, at least on the cameras I tried it on.
In addition, what John White refers to as the "type B" conversion, to clear the minimum aperture switch on lower-end cameras that lack an AI follower, cannot be done. At least as far as I can see from an N65, an N-60 based Fuji S1, and a D3200, all those tabs overlap the outside diameter of the ring. This is, of course, a non-issue for almost all cameras you're likely to use, including the later low-end models such as the D3200 in which that switch is pushed down rather than sideways, but it's a consideration if for some reason you should ever want to mount the lens on one of the older low-end cameras which include the D70, 80 and 90.
I like the idea, though. The only unconverted lenses I currently have are a very old 28/3.5, which is definitely out, and a couple of 50/1.4. Maybe I'll have to try it on one of those. It would be a grand excuse to get a rotary vise for the milling machine, wouldn't it?
edit to add: The 28/3.5 would not convert this way, even if it were practical to take the threaded-on flange off. The ring diameter is smaller, and the AI tab overlaps the outside.
This is assuming that the dimensions of the AI tab are similar between an F4, a D7100 and an FM10, which are the ones I tried it on.