Here's the answer
First of all, to answer this question we have to mention that this completely risky, The rating of the bolt or screw used as fuse is over 75 to 100 amps Take note the highest rating of such lug is not more than 15 amps. If your question is that only the wiring is right or wrong. So I say that the wiring is right, but you are using the wrong rule to install this. Finally, It's funny until a lightning strike occurs and the person using the phone gets electrocuted. Or, the surge goes from the phone line to the fax machine or computer and fries it.