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Just buy a cheap Lee lead melting pot as you will know for sure that is going to work and they don't cost a lot. Heck if you watch you can probably get a used one for what you are thinking of paying for the hot plate or close to it.
Not worth wasting the money. I tried it and it*can* work but it works like #### and won't melt things properly. I spent $50 on a turkey cooker from walmart and just use a pot on that to melt weights in(and I have the original pot to cook things with!). One other thing is melting weights and casting require two different pots as weights tend to be pretty dirty to melt down initially.
For casting a 20lbs production pot from lee is the ticket. Worth every bloody penny.