The reason why I think it will work is because I already experimented with it using the exp pedal and it worked. I just wanted it to automatically go back to pitch when I let go of the pedal. I was thinking a damper pedal would be the way to go, but I already concluded that retractable exp pedal would be my best bet. I just need to get a strong enough elastic band to keep it bouncing back to the heel position but that's 100% attainable.
I have no doubt that the Bigsby pedal would be better quality. If I had disposable income, I'd just purchase that. Unfortunately that's not my situation, but I am confident that what I have planned will work. I've done crazier ideas than this and made them work to my liking.
Believe it or not, this thread has helped me out. It steered me away from the damper pedal idea and onto the DIY-retractable-exp-pedal idea.