It certainly is a viable design. My carvewright machine uses traction belts(sandpaper) and two rubber rollers. It also has a board sensor and tracking wheel to make sure the x is on track. A 1/8" fixed fence on one side and another adjustable fence on the other keep the board tracking straight. The only thing this machine really does well is V carvings in text. Other then that it's pretty much grandpa making the kids gifts. Not to let the cat out of the bag but i'm going to be taking an old ryobi drum sander and using it's drive system and belt to create my own version to get rid of the machine and still be able to do v carved moldings up to 8ft, hopefully. I'll still be restricted to around 12" width but all i'm doing for the moldings is vcarving text with dingbat fonts the length of dimensional lumber. Good luck and i'll try and remember to update you on what i come up with. Don't know when but i will be working on it.
Good Luck
MH