There are commercially available 'humane twitches' that are based on the same principle. I have one, but find the lip part too smooth and constantly falls off.
The best workable ones, IMO, are an old axe handle (flat sides) with a loop of 3/8 rope like sisal or hemp. Similar to this:
The type with a loop of chain, even though it is a smooth flat-link, is too easy to to get too tight.
I think that if a twitch is needed, it should be handled by someone that has experience with one and can focus on the horse's behavior while the other person is attending to the task the twitch is allowing to be done.
Now, for something like paste worming our horses, I'll 'hand twitch' - apply pressure to the nose with a gloved hand - while my wife delivers the dewormer paste.
A stud chain under the upper lip works similarly with endorphine release, but also has the potential for abuse on sensitive tissue.
I'm not laying claim to being an expert, but having some experience. I've used about every type of twitch in a lot of different situtions.