In order to work as a friction hitch tender, you need side plates to actually contact the hitch. With an open pulley you could do light lifting but not hitch tending.
Here's the one for a hitch tender. A few dollars less than the 7000lb rated micropulley from Sherrill. http://www.backcountrygear.com/catalog/climbdetail.cfm?PRODUCTS__ProductID=PET300
I did that with those blue petzle rigging pullies. Tryied to use them on 1/2 inch line for a speedline like you've shown. Turns out that their being 13mm max rope they had too much friction and endedup we just had a fancy DWT.
The picture below was taken on the ETCC in Oslo. Someone was indeed using a "Ultralegere" type of pulley as a slack tender for the longe. I've tried it, but the the fourth time the rope went out of the pulley, I've given up. I think the Ultralegere is very nice when you're pulling up a chainsaw or something like that.
As for normal micro-pulleys, I did use the Oscillante for quite a long time, but it's true it has too much friction using a 1/2' line. I've now changed to Petzl's "Fixe" with fixed plates. It is a bit heavier, but it has a space in which the rope goes through virtually frictionless and the plates advences the hitch perfectly.
Try it...