Mark,Two things here.First do a google on "Junk yard hammer" ,there are several detailed construction plans,and technical info on finding the harmonic spot in the arm.Second,the placement of the pivot,recoil spring/counter weight,and lift arm are VERY critical. Which leads us to the fact that the base and support arm you have will turn that thing into a 400 pound jack rabbit jumpin' all over your shop.It could easily kill you.Read up on it before you go any farther.The trip hammer system in your sketch is not going to work.You would need a harmonic arm made from two trailer leaf springs.
The best JYH I've seen yet was made from a truck rear end and was driven by a 1HP motor.The emergency brake cable started and stopped the hammer.The drop arm was a HD shock absorber,hammer and anvil were RR track.I think Keenjunk.com has the plans and several links. - Stacy