I don't think it would extract anything that wouldn't be extracted by a simple no-sparge. That said, I don't know that the recirc would do anything positive either. I kind of think sucking the grist down into a tight cake like you get when you lauter, would probably be bad for conversion.
I do think an occasional stir to rouse the starch particles into solution might be a good idea. Maybe even a motorized mash paddle keeping everything moving.
The purpose of the rice hulls would be to enable fast recirculation without sucking the grist down into a tight cake.
The fast recirculation would serve two purposes:
1. avoid the need to stir the mash, since the fluid flow should be fast enough to get grains in contact with a lot of wort
2. speed up the lauter stage
The BK-as-large-grant would serve three purposes:
1. for a given mash tun size, allow bigger beers to be mashed in no-sparge mode
2. at the end of the final rest, half the wort is already in the BK, which reduces the lautering time
3. since a large volume of wort continually passes through the BK, a propane burner can be used to achieve fast temperature steps with much lower risk of scorching. Also, heating for the boil can be started the moment the final rest is completed.
I think that this system would achieve the fastest possible mash/lauter, while allowing fast temperature steps, and very thin mashes. It is also very simple, because once it is running the only manual work to change from mashing to lautering is to turn off the BK->MT pump.