It will work - to a degree- but as I understand it, to make it play well, you will need to stretch out the coils (which is all those Slinkys form) as far as possible. You can do much better - and hopefully kill some of the noise issues - with some of the plans found in the Shortwave SWL antenna Yahoo group. If you have some skill with simple tools, building the Carpet Loop is a real winner. The only tough part is finding a 365pf variable cap for the tuning. With the hamfest season right around the corner, tearing that out of an old radio should be a simple matter. Heck you might even find one at one of those parts distributors...
If it sounds like I'm a fan of DIY HF antennas - you're right. No easier way to learn, and not that much impact to the wallet (or pocketbook...) either. You can find links in our HF antennas wiki. If you have the room, I would also look at the PAR EF-SWL antenna - especially if you have access to an attic or crawlspace, where hiding the antenna would be fairly easy
73s Mike