Re: ** Dibs on this!!**...
Something tells me there are reasons why there aren't many of these.
1) Dirt/Dust creating friction - There doesn't look like there's much room between the rotor and the cover plate. If anything gets in between it may contribute to friction which simply isn't good for your brakes
2) Easy to dent / get dirty - the plate goes at a very vulnerable part of the bike. Dirt, and pebbles may scratch the hell out of it.
Though ... if it does work, let us know. It does look pretty cool and fairly easy to make (if you can figure out how to mount it without putting pressure on the rotor). I'd love to throw a custom one on one of my project bikes.