I like it a lot actually, not bad at all. It could potentially be something to end dismastings at sea - suppose you use your "kite rig" on passage making and eliminate the mast as a failure point...
I don't know about going ballast free, but eliminating the entire rig portion of a typical sailboat is an interesting concept in a lot of ways. Bridges become a non issue (under power), costs (rigging) potentially go way down, etc.
I do like the idea! Nice
On a bigger boat level, what would you use to reel the thing in? a modified windlass?