Chris, I think I'm going to give it a real try. I've decided that, while I can probably get down to about 2 minutes with my current method, that's probably the limit, so I'm going to have to make some radical change to get as fast as everyone else is. I'll probably just practice something like this for a few months, and still use Macky's method for competition solves (including the online ones), but hopefully if I ever start to get comfortable with it, I'll try using it in an online competition or two. It's going to be a radical change for me requiring quite a bit of time, I'm sure, since currently I'm still doing orientation and permutation separately on most of my normal solves, so it will probably take me a while to get any good with it.
My best time with what is essentially your method is about 5 minutes now, but I'm constructing the one-syllable words on the fly, which is obviously counterproductive to trying to be fast with a method like this, and I'm still not that good with the corner commutators on the 3x3x3.