This kind of seems like a less feasible solution than the distributist, Georgist, and liberal-socialist alternatives. To be fair, I can't really envision how it would work in practice—what legal and institutional reforms would be necessary to make your plan happen. I guess I would need more info on how this plan could/would be implemented in order to make a better evaluation.

As it stands, theres lots of paths to property-owning democracy that seem quite feasible: a universal basic income funded by a land value tax (à la Leon Walras and Henry George), differential taxes on the purchase of land and expansion of enterprises (à la Hilaire Belloc and G. K. Chesterton), restoring the guild system in a modified form (ibid.); restructuring enterprises along co-operative lines (à la ChesterBelloc, James Meade, Benjamin Ward), banking reforms along old-school functional finance and social credit lines where new money ends up being deposited into the accounts of all citizens/members as a social dividend (à la Abba Lerner, C. H. Douglas, et al.). There's lots of ways we could make it easier for people to be owners of capital so that ownership could become the norm.