Just a suggestion, I think you would be better served to swap your pulleys, having the ratchet pulley at the bag, and the other pulley at the ceiling would put the ratchet release within reach?
That is an extremely nice home brewery you have btw!!!
edit...on second thought with the ratchet at the bottom, the basket will not stay nicely centered over the kettle and will want to swing left. Disregard my suggestion above...your brewery is perfect!
Maybe a nice stainless angle fastened to the two overhead joists with your pulley center mounted over the kettle....maybe not lol. Or maybe better / simpler yet, say a 6' length of rope attached to the two hooks, then your pulley system is hooked to the center of this "V" shaped down rope centered over the kettle?
Just trying to avoid you getting out the ladder every time you need to release the ratchet....but likely with such a beautiful space you remove the pulley after use anyway...
Did I mention that is a damn nice space you have!!!