The emory cloth was also under the angle iron so when I tightened the mounting nuts it holds one edge of the emory cloth. This was a temporary set up to see if I could get it to work. Believe it or not the angle irons are not true. 
I think this jig made from wood would be better. Also the saw dust builds up under the shaft. With only a 10" taper it isn't that bad but "drain" holes in the base would allow some of the saw dust to fall out of the way.
I've been thinking on this and had an idea...
Rip the base in half, then hold it back together with clamps or some kind of latch. Then add the guides. then it could be opened easily and sanding material replaced. I also like the idea of drilling some holes to allow dust to drop through.
