The underlying idea here is one I sympathize with immensely. My biggest beef with counterparty is that it solves an abstract problem, not a practical problem. Have you ever tried to use it to do something meaningful? It is not easy.
I have some thoughts about something akin to Counterparty over Peercoin, but solving a less generalized and more specific problem, taking better advantage of some of Peercoin's unique properties.
The biggest question everything hinges on for me though is mentioned in the below quotes:
What is the state of OP_RETURN on Peercoin?
I agree with the bitcoin devs here:
40 bytes should be sufficient - this encourages storing just keys on the blockchain and the bulk of data off of it, which I think is necessary long-term (unless SK does something awesome with his sidechains, which would render this point moot).