collapsing under any kind of wiggle and load.
There will not be much tension at all, it only needs to keep the legs from spreading farther. BUT if you want a tight fit, the straps will need to be tensioned quite a bit and any compression in the wood will require further adjustment of the straps.
This is a cool idea but solid stops will be needed. Perhaps a board that lays across the tops of the bottom rails that has stops on the ends to prevent the legs from spreading out.
The big flaw here is that the more weight you add the more loosely everything will fit.