That is going to work great - Goodgrouper gave you excellent advice. I would drill a pair of 3/8" holes near the top of the steel plates and stick a simple "S" hook into the hole, then use a piece of chain or wire and another "S" hook at the frame. I would also consider switching the round cross-pipe for a piece of angle-iron when you fill it full of holes, then you can hook the "S" hooks direct to the angle-iron and not worry about the welded attachments breaking off when they get hit. Grouper is correct, bullets will do the damndest things. We also hang a big 2'x4' sheet of 3/8" plate on the frame for getting zeroes, need lots of width for windage correction. Also you do not really need a black aiming mark, much easier to split the white circle with the crosshairs, only need white paint cans, bullet splats will be visible better against a pure white target. Suggest that you the better grade of paint, amazing what a difference there is between a $1.50 can vs a $3-4.00 can - we once bought a case of $1.00 cans of paint, got exactly what we paid for - stuff was next to water.
Regardless, you are going to have some fun! Put that setup out at 7 or 800 yards and work your way longer!!! We have some very similar setups and they work good, plus if you can get them for nothing /ubbthreads/images/graemlins/grin.gif
Another great target can be made by simply welding short pieces of angle iron to the bottom of a 1/2" or so 12-15 inch square pieces of steel plate. Makes a base so that they freestand. Looks like an inverted "T". Bullet knocks them over or dings them, depending on their weight and how you set them up. We have a dozen of these targets and they get a lot of use.
Only problem is weight and you cannot get around that. Your 1" plates are going to stand up to a lot of abuse.