Paul:
Very nice.
I really like the clever use of the road flares.
I would suggest your coat the pit as soon as the conrete is dry enough to accept the coating. Once you get oil/grease absorbed into the concrete, you will have paint adhesion problems and will need to take heroic means to get decent adhesion.
I also agree with the other poster that a small ladder may be nice as well.
One question, when the car is over the pit, how will you get in or out? I hope you will not be counting on Kathy to let you out, this could be dangerous