Glad I could get you a bit more interested in this kind of approach. Your summary makes sense to me, though admittedly it is damn hard to reason about the security of these things correctly. Getting the client to do the hard work really is an added bonus, now that you mention.

I think this is an exciting field of research - if in practice little more than a curiosity at this time -, and I expect great results to come out of it in the near future.