With no particular knowledge, other than wood working, bicycle wheels and such...let me chime in.

I doubt very much that a thin hoop like that will support much weight, without severe deformation. The thin strips are in compression under the load, and only in tension at 90 degrees to it. i think you'll need more of a rim-like framing to support it.
As for the jig, dont use the table! No good can come from it, especially wife-wise... Knock one together out of MDF strips. Cut straight sections to create an octagon, then round it with a jigsaw and router, on an arm. You could use a similar method to create the rim structure, just make as many short sections as you like, to approximate the circle.

Another idea occurs to me, you might be better off passing this idea by Matthias Windel at www.woodgears.ca. He does lots of amazing things with wood and is very helpful with advice.
Good luck!