It's interesting. I think Professor Wiseman mentioned it as the system that was in use in some of the western provinces from the 1920s on. It's an interesting idea. I would suggest that people take a look at Fair Vote Canada, which is coming up with a similar kind of system but where there would be more attention paid to compensatory outcomes, in other words, where the results would be even more proportional than with the system you're describing.
On July 25th, 2016. See this statement in context.