Yes, it looks like a pretty nice rig.
Some have gone to hip mounts to reduce the awful weight problem and lack of balance. The hip setup also greatly alleviates much of the water resistance in water hunting.
I personally went with a new straight shaft similar to your example here. I purchased mine off ebay.
You can find the item by putting the words "straight shaft minelab Excalibur" into the ebay search. I'm not associated in anyway with the seller but he makes good stuff and is a heck of a nice guy.