It might work technically, but I don't think it would work from a marketing perspective. That is, holding coins denominated in gold, oil, or 1971 dollars is a very simple and appealing concept.

Morpheus, I've been thinking and thinking about your proposal, and I am now completely convinced that your way is the best way. It is simple to explain and seems reasonably straightforward to implement.

The biggest programming challenge is not deciding the rules of the new currency, nor is it importing public data on inflation, the price of gold, etc. The biggest problem is determining the current market value of the coins in circulation.

Once there are dozens of exchanges running which trade your new coins, this gets a lot easier, as it is just another public data source that the miners import, and any client can reject a block that doesn't have the right exchange rates encoded. But until then, figuring out how many new coins to distribute in a new block in a way that all the clients can agree on is a tricky problem.

There are a couple ways I see that the network can get this data in its infancy:

1) Launch an exchange for your coins at the same time you launch your new client
2) Build in a distributed exchange between your block-chains and the bitcoin block chain into your software, then you know the ratio of prices between your coins and bitcoins, and the price of bitcoins is of course public data.

I'm not sure which option is harder to implement, but I note that the first option is a single point of failure while your coins are new. I also like the second option because it allows bitcoins to still have a role in this new (much bigger) economy, at least for awhile.

I assume you are planning on riding along on the bitcoin block-chain using merged mining?