Sounds a bit lengthy and involved to me.
The problem is that people don't want to watch Kenya vs Netherlands etc. Everyone wants to see small teams do well against big teams, but with the 9 and 9 format people will lose interest very quickly with so many games.
I'd be in favour of a football world cup style.
4 groups of 4. Top 2 go through, and you will probably end up with the best 8 teams going through.
But each match is higher quality, less games such as Bangladesh vs Scotland, but you still give the opportunity to the associate nations to play.
This will hopefully improve them, and eventually you have people like Zim and Bangladesh being knocked out by Ireland/Afghanistan.
Keep it to 50 overs, but penalise during games for slow over rates, cut out drinks breaks etc. to speed it up.
Something needs to be done to the middle overs too, as these tend to slow down a fair bit. Perhaps a substitute batter? e.g. england are pootling along with Bell and Root in the 20-30 over area. Sub in Buttler for 5 overs (like a powerplay) for one of those, and then he subs back out if still in.