Could you define your suggested route
please. I don't see a way of staying on the banks past steventon. That only saves about 7 miles on the sound in comparison to using rat cay cut, a common route
South of steventon/emerald bay there is no bank side. It's coastal sailing, but full exposure to the sound.
You could go around the back of great exuma to hog cay cut, then back track. But that would add a lot of miles and still end up coastal/ sound between hog cay and Elizabeth harbour.