Yeah, I think you did good and your system will probably work for a few years in it's present state.
For a commercially used tool I think the actuator would be a nuisance. That's why the heavily used machines use hydraulics.
I'm not a hydraulic guru so I'm not sure how Bobcat plumbs theirs. But running my brother's it seems to hold hydraulic pressure against the cylinder all the time in the latched position. And if you unlatch to change attachments, after a couple minutes it will start latching with no action from the operator. Again, not being hydraulic savvy, I'm not sure how they do that. But it works very, very well.
I think I could add a hydraulic system for less than $250. That's on an FEL with 3rd function. I'd use a diverter valve and a small cylinder. But I'd not have a system as slick as Bobcat's which, left to it's own vices, tries to latch all the time.