See my problem with this is
1. Chest and Tri's are both fairly big body groups and I wouldn't want to do them both in one workout as I feel I won't have an optimal workout for triceps. And You don't even want to think about doing triceps and then chest, now that would be funny
2. The whole leg workout thing is what I used to do but I don't feel my calves at all during my squats and maybe 5% during less press, and don't forget there leg extentions , hamsring curls, etc. All this is a good 50-60 min workout for your quads and hams already. And I believe that is a good time to throw in the towel. If my calves were being worked fairly well though I would just do my calves then also too. But they don't so I would prefer to Isolate those and do them at about 9 sets along with shoulders.
4. I agree with you on this one
Anyway 1. and 2. are my reasons why I wouldn't want to do it this way.