Do what you want. To perform the short alert function, you could buy a 20 Amp AC ammeter and put in series with the output of the variac. That way you could see if the device under test was consuming too much power. I suggest you buy an analog one with a pointer, as digital readouts on rapidly changing input read as all 8888 at a distance. With exposed 120 vac the ammeter should be enclosed in a grounded metal box, also.
A tungsten light bulb plus edison medium screw base is much cheaper.
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