OK the video explains quite a lot.
You could use an Arduino for that function I am sure.
Arduinos are "open source" and I suggest you read a little about that.
In essence it means you can do with it almost anything you wish legally and without repercussions.
Mu only concern is that you should also incorporate some form of emergency release option into whatever you build maybe add extra contacts into the foot-switch so if the operator takes his foot off it self retracts or if the "E STOP" is hit it also self retracts.
I think its a good use of Arduino type hardware and wish you luck with it.