I don't understand how this is an improvement on anything.
You still need two cleats; if you already have that, why not just lead one clew reef to one, one clew reef to the other and avoid the crazy splice and all that.
This complicated system is just begging to get fouled up or the instructions lost or forgotten, of course at the worst possible time (when you really really really need to reef).
One line for each is much less likely to get messed up in your head. and if anyone else ever helps you reef, the instructions will be much easier "pull the red line" instead of "release the port and pull in the starboard, or was it the other way around?"
-M
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