I would suggest running the velcro straps UNDER your brake cable, not over like they did in the picture (unless yours are internal) but it looks like it'll do exactly what you want.
I have the world's most obnoxious ring tone and when I do hear the phone ring, I find that stopping, reaching the phone and unlocking / answering takes nearly as much time as I get before it goes to voice mail. Another option would be to stick a bluetooth ear piece in your ear and go that way. I don't know that I've ever seen one I'd want to wear for two hours while riding though.