Systems, similar to that you describe, have been in use as permanent moorings
for at least 25 years (that I’m aware of).
I’d think the system “more bother than worth” for temporary (even longer-term) anchorage.
I used a large (30" φ) round inflatable fender
as my permanent mooring buoy. It was buoyant enough to float my 25 feet of 3/8" H.T. light chain.