The analogy is close, but the force required (ignoring acceleration and work in moving the weight of the fabric and weights) is a function of the angle of the fabric and of weight. If the weight used to pull the fabric down is greater than the fabric weight, a better analogy might be slings used in crane rigging - the force required is a trigonometric function of the angle of the leg (thinking of essentially straight legs.)
In either case, as the fabric pulls from "full dangle" to "almost horizontal", the horizontal force required increases, and it would be a function of total weight being lifted (and other factors).
I can't quite come up with an appropriate numerical model for this on the fly, but the roller supports could be assumed frictionless, so all of the folds flatten at the same rate, to keep the tension in each segment equal. I'm having a hard time reconciling how I can hold up 10 weights with the same force required to hold 1 weight, since the force required to lift one is propotional to the weight lifted.
Exactly how "flat" (or horizontal) are we talking?