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This impressive design was one of the first I have found when searching for a spool my Printrbot Simple Metal, many other designs also utilize the guide arms and are situated at the top. However, I believe that these 'top' designs for Printrbot are NOT a good idea because the center of gravity is raised; this seems to be confirmed by @proooo in a comments below.

So after more searching I have found an alternative that places the spool on the back - my modification to it can be found here: http://www.thingiverse.com/thing:2034472

'Printrbot Metal Simple' Back Mounted Dual Spool Holder