The bitcoin vis bitcoin bond would not have a pegged exchange rate. You would just handle exchange using a system like bit-parking, the exchange rate is just a market price. I don't know what they will be worth either. The market has to figure it out.
Wouldn't the system of linear equations play a big role in regulating the exchange rate between these two (as well as other factors)? And, do you have a hard design for these and their adjustment over time (they are the most critical component of this idea and it would be good to get those out there so we can do verification).