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40lbs suspended from ceiling joists isn't all that much weight in grand scheme of things, particularly if you run the mounting board or rail such that it spans several joists. The only concern I would have would be with regard to the attachment system.
FWIW, When I last checked I have about 200lbs of bicycles hanging from the garage ceiling across 6 joists over an 8 foot span, several of which are tandem bicycles weighing more than 40lbs each.
The same joists sit under a 2nd floor exercise room with a machine that has about 300lbs of lead weight.
Here's my setup. I have only used it a few times, will probably use it more this winter since I just bought snow tires. The only issue I have had is when lowering and raising it doesn't lower and rise evenly between the front and back. In order to raise/lower evenly I pull on a secondary rope.
I think it was at Sears Hardware, in the miscellaneous section. I bent them a bit for a better fit, and glued a strip of rubber to the inside. It fit nicely between the rubber and the lip of the top.