The idea is good, but I would worry that the rope is the only energy absorber and would want at least one decent knot in there.
I have been involved in work to measure the energy absorbed by the different parts of a cows tail (rope and knots).
The work has been done on a static rig rather than a drop rig, but I can't see any reason why the same results aren't applicable in a fall, up to the sort of forces likely to be encountered in a fall onto cows tails. I appreciate that there is not universal agreement on that, but I am quite prepared to argue my case.
The results show that the knots absorb far more energy than the rope.
Applying the results to a 70kg (unyielding) mass falling (FF1) onto a 750mm cows tail, made up of a krab, barrel knot, fig8 knot plus about half a metre of 10mm dynamic rope gives a peak force of about 4.4kN.
The same mass falling onto a 650mm sewn lanyard of the same rope with a krab on the end gives 7.9kN.
The force on a person would be less due to the body also absorbing some energy, but in the second case I think that might be a part of the problem rather than part of the solution!
Did you consider tying a fig8 in the lanyard where it fastens to your maillon in the usual way? There looks to be plenty of rope.
Re the OP, I would be quite happy to use that, although I have used the loop and double knot system for many years.