I was thinking about this more as I drifted to sleep last night. So this idea would probably work best on a multihull so you can get the traveler way out there. And then I started thinking that you might actually want the tack of the sail on a traveler also.I really like this sail plan. I can imagine a number of benefits, from ease of wind spillage, uninterrupted airflow on either tack, lift generation that would reduce wetted surface underway, and improved resistance to heeling.
If you used a spar on the leading edge, you could go higher with the aftmast and use less backstay support. You could still have roller furling around the luff spar.
-Will