I've just gotten home... lemme play with it a bit, I'm still answering posts / pms / email. I think the biggest things it needs is:
1. It should read an alpha.
2. It should be able to use multiple textures, at different sizes.
3. It needs to render shadows. However, the SMT / SM3 formats already do that part, why do it again?
4. I'm not sure about deleting vertices, but meh, I'm probably just stupid about how what you're describing would work.
I have a crazy idea about how to make this work... not a new map format, but using a special SMT / SM3, then some LUA on top, which I think will run really fast, especially if it used fragment shaders. But it's a crazy idea, so lemme test it first before I waste your time
[EDIT] The attachment is gone from your post

I'll test this when I have a chance to download it...