In reply to thedatastream: certainly used a similar method with clove hitch/prusik for glacial travel - lowers the point of attachment to make you more stable, and in the case of a fall, means it is easier to undo the coils and build a belay since the coil knot is unloaded.
Don't see any major safety issues with your method. A few points to think about.
Are you over-complicating a system that already works? If you're going to switch from moving together to pitching, the second will need to drop coils (to allow slack for the leader to climb) and possibly to use to build a belay with - does having the belay plate already attached really save time here, or is it just something else to fiddle with?
In the case of a fall moving together (awful situation I know), assuming the system works and you're still on the route - does having to remove a loaded belay plate from the system help or hinder more?
I definitely see having slack between the attachment point and the coil knot being useful in this scenario, in the same way it is for crevasse rescue.
I would add that a well tied chest coil should be fine for upward and downward pulls - potentially better than a waist harness - and that I only redirect through my harness when horizontal pulls are anticipated.
J