Hi Naved, I read your write-up, and it was very well-written. However, what you have is merely a concept. Your idea is pretty much the same as our own PMS. I recommend visiting HR-TOOLS (
http://finance.groups.yahoo.com/group/hr-tools). We have discussed it there in detail.
You don't have the tool yet. You need a good form that can translate your concept into a user-friendly system that can be applied in any corporate setting. Additionally, you need a policy that will govern your system and provide both raters and ratees the terms and references for its use. Without a policy, it will be difficult to know whether good performance under the system will translate into promotion or not, or whether bad performance will mean demotion or dismissal.
Best wishes and good luck.
Regards, Ed Llarena, Jr. Managing Partner Emilla Consulting