I've changed a couple of settings to make it just like the UT Tranlocator. Sped up the "move to speed" so that you disappear and reappear instantly, removed the charge timer so that just a click of the mouse button and it throws....... LMB to throw it and RMB to travel to it.
The only issues are with the "hold distance" and death.
local hold_dist = 50.0 is too close. It pushes you up in the air if you look straight down. I think what's causing this is the collision barriers. 50 works great while looking straight forward since the players collision capsule is oblong 50 actually hits the bottom of it and pushes you up. 63.4 keeps the hook visible at the ground and far enough away that it won't affect you looking down. But if your on a platform in the air, look down and move forward you'll walk onto the hook and as long as you're looking down you'll move forward. Maybe stop the player from looking straight down?
The death part. So long as your last operation was to "move_to" the hook then no matter how far you fall you won't lose any health. If I throw it at a platform in the air, got to it and miss it I'll drop to the ground without losing health. If I land on the platform and then walk off I'm dead.
Even "as-is" it's a great tool.
and Amen, can I have one of those t-shirts