Hey Fez:
There is one thing that you need to correct ASAP. When using a Variac, the output or wiper HAS to be fused. Lets' say its rated at 2400 W with 240 input and you fuse the primary at 15 A Slow blow.
Now you set the output to 10 V and try to draw 24 A from it. That's 240 W, In this case, the transformer wire will melt. 14 IA >> THAN 10 A,
I wish I saw this thread earlier. There was a nice Circuit Cellar article that had lots of bells and whistles such as a power meter, electronic fusing and the ability to select a tungsten light bulb (obsolete now) in series. It may have also had a GFCI. Pretty comprehensive and complete.
The one I built for myself when I was <12 YO, consisted of an external Isolation transfomer feeding a box with an Analog Meter fro Voltage and Current. My Variac was a 3 A unit and the transfomer was rated for at least 10A at 120 V and had dual primaries and secondaries. I did not use that option.
So, I had a front panel fuse, 3A variac, Binding posts for AC and Ground, a Grounded outlet. The switch I used was very different. It was a center off, SPDT switch. One position used the 3A variac and the other connected bypassed the variac and just used isolation.
What I miss is a light that tells be it's on independent of what it's set at. GFCI's didn't exist at the time.
Meters for power would have been useful as well as a bar graph and meters for voltage and current.
Adding circuits to help determine leakage would have been helpful too.
Dual 120/240 capability would have been cool too.
It was cheap to build and served me well, The isolation xfomer (step up/step down) was $10, the Variac free, The meters surplus. The case small and new.
In-rush isn't a problem because I always turn the variac to minimun.
So, there are just a few options that you can have. The light I miss the most. I would have needed a large 3PDT switch to accomplish that.
Another thing I would have done is to allow the use of an overhead cord reel which would be above the bench.
Fix the fuse location in the circuit! Datasheets for Variacs will show the wiper fuse.