I haven't used that unit, but it doesn't LOOK like it'd be that great. Clearly it's a vibrato, not a tremolo. If you're looking for a vibrato, you really don't need to look any further than Bigsby. Sweed had it right that it's a B5, and Pierce & anderekel are right that you'd want it MUCH closer to the bridge.
As for the visible holes, you could (and should) plug them. With the unit closer to the bridge, you'd want to place it directly over the holes so they'd be almost completely covered.