Using that technique will also likely leave you with a horse that is head shy as well, from being smacked in the face by a chunk of metal anytime he moves around. The bolts will swing around when the horse moves about the stall too, even if he isn't weaving, so to me it would accomplish nothing, except causing a fearful horse. To me, weaving isn't a behavior that HAS to be corrected, especially not with a method like that. More stimulation, more time outside to be a horse, like has been stated, a companion, these are the ways to overcome the habit.
"Keep a leg on each side and your mind in the middle"