I'm generally in favor of DIY stuff, but there are a few things here that give me pause, mainly because this is working with what I assume is a line-voltage circuit. If the hoists use a low voltage control system then most of these concerns aren't really applicable and I've just proven how little I know about the inner guts of these hoists.
The housing is aluminum, right? Should any wire or terminal short to the housing, it will be live and ungrounded. That isn't a very nice situation, to put it mildly. It would be wise at the least to line it with some sort of insulating material, maybe a plastic sheet bent to the contour of the housing. It would also be a good idea to shrink-wrap the connections, especially as they are very close to each other; it would not take much shifting about to have them short together and cause unexpected/uncontrolled movement and/or blown fuses.
Second, if the XLR cable is a standard microphone cable, it's probably not built to appropriate standards for handling a line voltage circuit. The wire itself may or may not be rated at line voltages; but I'd venture to guess that the terminations are not appropriately insulated from each other or the housing. If it's a wire specifically intended for hoist control duty, then presumably those concerns don't apply and it's been built appropriately.