Hi Manav.
You should definitely submit. Your proposal is quite detailed, so I'd need to sit down with it more fully than I have time to comment on this week.
(But that's OK — even if your implementation idea needs revision, THAT you've considered it is important.)
Having said that:
* You have "testing & docs" tacked on at the end in your schedule. Identify the phases and include time to write the tests as you go. In phase 1, how will you know that your central registry is correctly tracking model relationships unless you write tests? (You won't...)
Please do use this week to make your proposal as good as you can and submit. (I can't see that I'll have capacity to review another draft, but equally you should have enough to go on now.)
I wish you luck!