Technically this is very doable and is likely a step in the right direction.
However if people figure out that massive overspeeding gets wins, then you will see people trashing them all the time.....which is exactly what the tractor guys have gone through. I had a prostock puler tell me once that if they had it set on kill, they had committed to potentially blowing the charger up.
One other thought, do you eliminate wastegates? If not, do you have to use the supplied wastegate (and then not be allowed to run an external gate)? Just thinking out loud on this.
So this may not end up being a cost saver, but it will be a technical field leveler. You get so many pounds per minute of air to work with and that's about it. It would be a race to see who could burn the fuel most effectively. Sounds like a good challenge.
My gut tells me that an S400 frame might be a better place to start, and spec the compressor wheel (and maybe the cover).
Dunno.