The load limit is the cable (perhaps the arm bending for a load in its center, but that seems fine). What are the horizontal length of the arm and vertical separation of the cable at the beam?
Agree that the cable looks to be the weak leak (or really, those S-hooks and turnbuckles).
By my eye, looks to be about a 8:1 ratio from the wall to the tip of the tube where the cable is connected, compared to the vertical separation.
So that means (roughly) that if you're trying to pick up 200 pounds, the cable and its connections/S-hooks/etc. will need to hold 1600 pounds. Same goes for the bolts at the top of the bracket --- 1600 pounds between the two of them. No weak links allowed.
But you absolutely want a Factor of Safety (don't want a vise to fall from midair and land on your feet, and the boom to come crashing down on that beautiful mill). On something like that, your Factor of Safety certainly shouldn't be less than about 2, preferably a fair bit higher.
So we're talking the need for upwards of 3200 pound capacity on the cable/connections. That ain't nothing to sneeze at, and that's just for picking up a measly 200 pounds.
If I were you and intended to pick up a vise, I'd (1) size up the cable and beef up the connections; and (2) do a bit of a load test to at least 2x what you want to lift. Load it up carefully and slowly, and pay close attention to what's moving/stretching/bending. Stop, if you can, well before anything breaks.
(BTW I'm a structural engineer by day, so this is right in my wheelhouse.)