Nice idea. I modified a 4x5 head to 5x7 format a few years back and made prints like you show to see what I needed, but it somehow didn't occur to me to make a film mask.
Still, that was a color mixing chamber which seems easier to work with. For one thing it is fairly cool, at the diffusion plate, which a lot of these old enlargers aren't. I'm all for messing with old gear but wonder if if wouldn't be better to just pick up a 4x5 Beseler or Omega. It is spotty finding them anymore I suppose, but they are usually priced somewhere right around free when one does turn up locally. I've given 2 4x5's away in the last couple years, and turned down another that went to the dump. I just couldn't find anybody local that wanted it.
Hopefully the 180 will do the trick though.