Direct Drive..No Good, can't really doublestack those

Kidding aside your design does have the same merits as putting a swivel between the blank and hook. Along with not allowing the blank as much leverage on the hook, This extra swivel also allows the hook to immediately spin freely and orientate to the best purchase point on the fish, whereas a hook on just a split ring doesn't have the same free rotation capabilities.

The true test of the setup's effectiveness is if you place a hook on a split ring and quickly run your finger down the blank across the hook on the convex side, you will never hook your finger because the hook cannot rotate to that point. With a swivel in place, the hook can rotate freely 360 degrees, and if you try the same test with your finger the hook will rotate to that spot, & you'll hook it every time.