This is far, far better than what we have coming in the ACA. The trick is to keep the requirements of coverage direct and pointed and preferably in a number of pages that can possibly be read by a human (not likely) and to be open to states that have interesting ways to meet the coverage requirements.
Unfortunately, I think it would devolve into a twenty thousand page bill, full of completely unrelated things, with requirements, restrictions, and everyone would end up fighting to death over two or three coverage points that don't matter either way. But, I think any solution will end up this way, because we let idiots represent us.