Yes, you can use that kind of frame to baste your quilt sandwich together.
The frames are pretty easy to make. I made one out of 2x4s. Doubled up some fabric (pillow ticking with lines on it is great; I used a striped fabric which was not quite as heavy but still worked well) and tacked it (you could also use a staple gun) to the wood on each side. Mine was not hung from the wall; I propped it up on chair backs. We used inexpensive C-clamps on each corner to keep the 2x4s together. For one hanging from the ceiling, you will probably want to have some kind of peg-and-hole system for changing the size of the frame. And, of course, a pulley system to raise and lower.