Look good!
Balsa is about the softest wood I have ever seen and honestly could be carved with a dull butter knife literally. Big M who posted earlier makes cranks and could give you info on where to best buy the right balsa. Myself I always seem to end up carving my finger so me wood widdling is at a minimum :-[. For the wire I picked up some 19 guage wire form Wal-Mart and wrapped it around an old nail to make hook hangers. Wrap the wire around the nial, etc. counterclockwise that way when you go to screw it into the hole you drilled then epoxied it does not come unwrapped.
Allen