I have a homemade contraption that does not telescope - but it resembles your drawing. I made the "tee" portion to fit inside my loader bucket. I use a double chain to support the boom out in front of the loader, tied back to the loader arms behind the bucket. I think the boom is about 25 feet long. I used 6" I-beam. I've set trusses all over the neighborhood with it. The largest trusses that I've set were 40 feet long on a ten foot wall. The tractor and loader is a narrow front JD 630 with a JD 45 loader. It has 1200 pounds of wheel weights on the rear, but no other ballast. I've never had an exciting moment, but it's level ground only, and slooow and easy. I always have a ground man with a tag line. I have no photos of it, but I could get measurements and pics if wanted.
One thing I don't think you addressed in your post - you need a way to positively tie it down. If you raised the boom too high, it could flip backwards and get you like a big fly swatter. I use a load binder and chain to secure mine down to the loader bucket.
This is a serious issue - someone could get hurt or killed. Always think of the widow. Your friend won't sue you but his widow will.
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