Ok, so easiest/best to just compare the work done by the difference in distance the person moves (squat to standing) vs. the distance the weight moves, which is much smaller?
As an aside then, (although I didn't carry the calculations all the way through) shouldn't the sequence of calculations involving the cogs and torques work out mathematically, though, if done correctly (though not for the purposes of finding mechanical advantage per se)? Say, if we simplified it to choose the stationary position at the top of the squat so that we don't worry about a changing angle? Force exerted by the person to hold the weights up against gravity?
This is not a homework problem or anything, just a curiosity. I'm less concerned about calculating a value for mechanical advantage, and really just want to understand the details behind how this works.