I made a rack very much like this many years back, with white top laminated MDF shelves. I added plastic washers so the nuts wouldn't mark the shelves as badly.
I also only used 3 rods, as I liked the tripod balancing (and less holes to drill); even though the back rod would in theory be in the way of the wires, it wasn't bad at all. I did end up putting foam pipe wraps around the back rod, though, so wires wouldn't rub and scratch on the threading.
All in all, was not that difficult to do! Gave it away when I moved to our new house, but often thought about making another......