No, I got it, I understand what you are saying.  You want a script that knows what time it is (or some proxy for time), and can be valid or not valid based on that time.  It is a bad idea, and there are a whole bunch of threads that explain how and why it is a bad idea.  Don't take it personally, it is a very popular idea, but still a bad one. 


Your scheme probably won't help here.  If the recipient was hit by a bus, you might have a way to recall the transaction.  But if the recipient is planning to steal your money, they'll redeem the transaction first, making this pointless.

As Pieter points out, there are tools (nLockTime and P2SH) that will eventually be used to accomplish basically the same end goals, and they don't involve adding the idea of time to the script system.