I guess it would work if you really needed that extra 47 life and the extra FHR. But life and FHR are both so easily obtained in other areas (socketing and charms especially) that I don't think this compares to the 15% more fcr and +1 skills of arach mesh.
still, you can use it for style points it's not a bad belt, just not the best one.
I would definately take this crafted belt over Arachnids (my own opinion). This is because that 24% FHR helps reach certain breakpoints for a caster. Then, instead of having so many 5% FHR charms, you can get charms with +life, +skill, or +mana/with some other mod, or resistance charms. Also frees up some gear too.
The life bonus is a pretty big one. The +strength, the space that you saved in your iventory that would otherwise be used to hold FHR charms, and the life bonus.
The 5% increase in mana is pretty small IMO. It adds maybe a maximum of 40 mana.
As for me, the 15% FCR won't make a difference because I have 70FCR without it.