Might be fun in the lab, but I'm not sure it's a good emergency prep...
The magnesium ribbon is quite hard to light - if you can light it, you can light something else easier. The calcium chloride is hygroscopic and will absorb moisture like mad given half a chance - it's used as a drying agent.
Besides, mixing magnesium with strong oxidising agents can be a little hazardous...
Probably fun to play with though!
I used to play with all sorts of redox mixtures like this. The easiest one to get the materials for is potassium permanganate with sugar, about 50:50. It's really easy to light (even with a lens and the sun) and slow burning; the finer the powder, the quicker it burns. You can replace half the sugar with aluminium or magnesium powder/flakes/turnings/filings for hotter and quicker burning, but be warned: This tends to make the mixture unstable if it gets just a little damp and it can spontaneously ignite. Not nice if it's in your pocket kit! This tends to be the case with a lot of redox mixtures and I've seen it first hand several times.
I was once asked to light a bonfire of damp tree branches by the groundskeeper at work. I mixed a beaker full of a mixture similar to the above, with a few extra ingredients, and started walking across the lab. By the time I got to the other side I was running and dumped the lot into the waste sink and turned on the taps, just as it started to flare up! One of the ingredients must have got a touch damp in storage; I could easily have lost my face! The heat of the beaker within the first few seconds gave it away.
I gave the groundskeeper my gas torch instead!